BEVERLY HILLS, CA, November 27, (THEWILL) – The House of Representatives Wednesday constituted a five man conference committee to meet with the Senate to harmonise the oil benchmark price for the 2014-2016 Medium Term Expenditure Framework (MTEF).
The conference committee is headed by the chairman, Committee on Finance, Hon. Abdulmunini Jibrin (PDP, Kano). The members include chairman, Loan and Debts Committee, Hon. Adeyinka Ajayi (APC, Osun), Hon. Ibrahim Shehu Gusau (APC, Zamfara), Hon. Abdurrahman Terraf (APC, Borno) and Hon. Forte Dike (PDP, Anambra).
It will be recalled that the House of Representatives had adopted $79 as benchmark for oil price, while the Senate approved $76.5.
Following the inability of both chambers to agree on a common price, President Goodluck Jonathan had shelved the presentation of the 2014 budget proposal, insisting that he could only do that when there is a consensus.
In a letter sent to Speaker of the House of Representatives, Aminu Waziri Tambuwal, the president noted that “whereas the Senate has approved the Medium Term Expenditure Framework (MTEF) based on the benchmark of $76.5 per barrel, the Honourable House of Representatives has used a benchmark of $79 per barrel, it is infeasible for me to present the budget in absence of harmonised position on MTEF.
“In the circumstance, it has become necessary to defer the presentation of the 2014 budget to a joint session of the National Assembly until such a time when both respective chambers would have harmonised their position on MTEF. It is my hope that this will be in the shortest possible time.”
It could be recalled that President Jonathan quoted the difference in price adoption by the two chambers as the reason for his inability to present the 2014 budget to the joint session of the National Assembly.
The president cited the differences of the two chambers in a letter after his failure to appear for the budget presentation last week, as the sole reason of his inability to present the 2014 budget proposal to the national assembly
Meanwhile, the President yesterday condoled with the House over the death of Hon. Rafael Nomiye.
By Saint Mugaga, Abuja
