GO
Loading...

Nigeria parliament seeks to inflate budget oil price

ABUJA, Oct 10 (Reuters) - Nigeria's parliament speaker Aminu Tambuwal said on Wednesday the house had proposed to inflate cabinet's oil price assumption in the 2013 budget to $80 barrel, from $75 a barrel proposed, signalling a likely showdown over the bill.

Money earned from oil over the benchmark price is deposited into a savings account, so any increase in that price could reduce savings and make Nigeria less resistant to oil price shocks. Nigeria's Finance Minister Ngozi Okonjo-Iweala is on an austerity drive and wants the country to save more.

President Goodluck Jonathan delivered the 2013 budget on Wednesday.

(Reporting by Camillus Eboh; Writing by Tim Cocks)

((tim.cocks@thomsonreuters.com; +234 803 400 4248;))

Keywords: NIGERIA BUDGET/SHOWDOWN