The row over the appropriate oil benchmark on which to base revenue projections for the 2013 budget has deepened as a meeting between the Senate and House of Representatives Finance Committees to adopt a benchmark has ended in a deadlock.
The two committees, which met on Wednesday in Abuja to reconcile the figures passed by each chamber of the National Assembly during their passage of the 2013 -2015 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP), failed to shift ground on their positions.
THISDAY learnt Thursday that at the meeting, members of the Senate Finance Committee insisted on the $78 per barrel oil benchmark as contained in the MTEF and FSP, which the Senate passed on October 16.
Their House counterparts also refused to budge on the $80 per barrel oil benchmark as contained in the version of the MTEF and FSP that the House passed on October 9.
Their disagreement came just as the Federal Government, which on Monday sought the National Assembly’s approval for a portfolio of concessionary loans totalling $9.3 billion under its 2012-2014 Medium Term External Borrowing Plan, defended its decision to borrow to finance some critical projects.
The House, at another forum yesterday, justified its adamant position on the oil benchmark war, saying it would not change its stance except the executive could convincingly explain its preference for $75 oil benchmark.
The House has remained adamant for long, not shifting position on the adoption of $80 oil benchmark, a stance that has pitted it against the executive that is pushing for the adoption of $75 oil benchmark as contained in the 2013 budget President Goodluck Jonathan recently presented to the National Assembly.
The face-off over the oil benchmark has warranted the ruling Peoples Democratic Party (PDP) to intervene in a bid to smoothen the rough edges in the working relationship between the two arms of government that are controlled by the party members.
However, it was learnt that while the meeting of the Finance Committees failed to agree on the appropriate oil benchmark, it was able to adopt a harmonised version of the MTEF and FSP.