Wires

Nigeria parliament seeks to inflate budget oil price

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

Money earned from oil over the benchmark price is depositedinto a savings account, so any increase in that price couldreduce savings and make Nigeria less resistant to oil priceshocks. Nigeria's Finance Minister Ngozi Okonjo-Iweala is on anausterity drive and wants the country to save more.

President Goodluck Jonathan delivered the 2013 budget onWednesday.

(Reporting by Camillus Eboh; Writing by Tim Cocks)

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

Keywords: NIGERIA BUDGET/SHOWDOWN

Related Tags