The Federal Government has said it would not reviewing the benchmark price of the 2015 budget at the moment.This decision it based on the on-going volatility of the price of oil.
A statement by the Finance Ministry on Tuesday said “We are not reviewing the Budget Benchmark price at the moment. The price of oil is still quite volatile and we do not know how it will bottom out.
“We are taking a scenario-based approach in handling the 2015 Budget. That means that for various levels of oil price, we have additional measures both on the revenue and expenditure side, which will kick in when it bottoms out.
“The Medium Term Expenditure Framework (MTEF) is currently at the National Assembly. We have been working together with our lawmakers to ensure that we steer the country in the right direction during this period.
