Ex-NIEEE Chairman lauds FG’s stand on $45 oil benchmark for 2018 budget


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Mr Sunday Makinde, the former Chairman, Nigerian Institution for Electrical Electronic Engineers (NIEEE), on Tuesday commended the Federal Government for pegging the 2018 budget benchmark at 45 dollars per barrel of oil.

Makinde told the News Agency of Nigeria (NAN) in Lagos that the Federal Government was very careful in pegging the benchmark at 45 dollars not minding the present oil price of 62.3 dollars.

NAN reports that the President Muhammadu Buhari has proposed N8.6trillion for the 2018 financial year.

Buhari made this known at the Joint Session of the National Assembly on Tuesday in Abuja, during the presentation of the 2018 Budget Proposal.

The President assured that the 2018 budget which he described as Budget of Consolidation would be a consolidation of the earlier ones, noting that 2018 is expected to be a year of better outcomes.

The former NIEEE Chairman said the government was optimistic by the peaceful atmosphere in the Niger Delta by putting the nation’s daily production of oil at 2.3 barrels per day.

“I have to commend the present administration of Buhari for pegging the oil price at 45 dollars benchmark.

“Some people are considering 50 to 55 dollars because of the present increase in the world price of crude oil.

“The government has been very careful because the increasing price of world oil can crash at any time.

“Also, the government is taking the advantage of relative peace in Niger Delta by increasing the daily production to 2.3 million barrels per day,” he said.

Makinde urged the government to negotiate with the militants, who were threatening to resume hostilities and destroy pipelines in the region so that the daily production of the budget could be realised.

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