National’Assembly panel on oil benchmark adjourns indefinitely

Nigerians will have to wait till the first quarter of next year before the 2014 budget will be passed due to the decision of the joint conference committee of the National Assembly on the determination of the benchmark oil price to adjourn its sitting indefinitely.

The committee made up of senators and members of the House of Representatives is saddled with the responsibility of harmonising the different positions on the oil benchmark that will be acceptable to both chambers of the National Assembly for the 2014 budget.

The committee was set up following the inability of both chambers to shift ground on the benchmark. While the Senate proposed $76.5 per barrel of crude oil, the House of Representatives proposed $79 per barrel.

The development forced President Goodluck Jonathan to shelve his plan to present the budget to a joint sitting of both chambers early last month.

The situation worsened on Thursday when the Chairman, Senate Committee on Information, Media and Public Affairs, Senator Eyinnaya Abaribe, told journalists that the conference committee had adjourned its sitting sine die (until further notice).

Abaribe, who is also a member of the conference committee, said, “The meeting ended in a stalemate. No agreement was reached because despite the fact that the Senate shifted ground to $77 per barrel, the House of Representatives members were adamant on $79.  The meeting has, therefore, been adjourned sine die.”

It will be recalled that Wednesday’s meeting also ended in a deadlock as both chambers maintained their earlier positions on the benchmark.

A member of the committee, who craved anonymity, expressed fears that the inability of the two chambers to shift ground might stall the attempt by Jonathan to present the budget proposals this year.

Copyright PUNCH.