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Senate postpones MTEF passage over OPEC meeting

The Senate yesterday postponed the passage of the 2018-2020 Medium Term Expenditure Framework (MTEE) to next Tuesday over the meeting  of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria.

At the meeting critical decisions including oil price benchmark and oil production quota for countries are expected to be taken, hence the Senate decision to await the outcome.

Senate Leader, Ahmed Lawan told his colleagues to be patient for the outcome of the meeting.

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“We need to know what the production quota for Nigeria will be so that we will take a very informed and enlightened decision on the daily production for our crude. I believe that this is strong and enough ground for us to stand down the consideration of this report until next Tuesday,” he said. 

Deputy Senate President, Ike Ekweremadu, who supported the decision, said awaiting the  outcome from OPEC was very important. 

Our correspondent reports that the senators voted in support of the postponement

 

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