Minister allays fears over 2019 budget oil price benchmark

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The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Wednesday in Abuja allayed fears over the oil price benchmark for the 2019 budget.

There have been concerns by stakeholders that the 60-dollars-per-barrel projection was too ambitious considering the volatility of the international crude market.

But Udoma told a National Assembly joint committee hearing on the 2019 Appropriation Bill that there was no cause of alarm.

“I know that when the budget was submitted, and we had an assumption of oil price of 60 dollars, there were concerns raised as to whether that projection was not too ambitious.

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