It is now obvious that President Goodluck Jonathan may no longer present the 2014 budget to the National Assembly as the conference committee of Senate and House of Representatives on the harmonization of crude oil bench mark adjourned session indefinitely on Thursday after the two chambers failed for the third time to agree.
President had twice in seven days shelved the presentation of the fiscal estimate to the joint session of the National Assembly following the inability of two chambers to agree on the proposed crude oil benchmark
The meeting of the joint committee adjourned ‘sine die’ yesterday as the lower House insisted on $79 per barrel of crude oil as benchmark for the 2014 budget.
Spokesman of the Senate Enyinnaya Abaribe told journalists yesterday that both chambers failed again to agree on the proposed crude oil benchmark for the 2014.
He said while the senate moved up from its proposed $76.5 to $77, the lower House insisted that it must be $79 per barrel of crude oil. Senate had earlier adopted $76.5 per barrel as the benchmark. Abaribe told journalists that the Senate had decided to move up to $77 after due consultation. According to him’ the meeting ended in a stalemate. No agreement because despite senate shifting to $77 per barrel. House members remained adamant a $79.
The conference committee was raised last week to harmonize the position of the two chambers on the proposed benchmark for the 2014 budget. Recall that president Jonathan had earlier shelved his planned presentation of the proposed N4, 5trillion for the 2014 fiscal year insisting that he would not perform this annual ritual until the two chambers agree on the bench mark for the budget. But the president in a letter to the senate president senator David Mark read on the floor of the senate yesterday explained that the change was due to disagreement between the senate and House of Representatives on the proposed oil price bench mark for the budget. While the senat e approved benchmark of 76.5 dollars per barrel, the House of Representatives insists on 79 dollars per barrel of crude oil as the bench mark for the budget.
President Jonathan had in a letter dated 18th November, 2013 sent to Senate, said ” please recall that I had written requesting the distinguish senate to grant me the slot of 12 noon on Tuesday, 19th November 2013 to enable me address a joint session of the National Assembly on the 2014 budget.
“However, considering the fact that, whereas the distinguish Senate has approved the Medium Term Expenditure Framework (MTEF) based on a benchmark of 76.5 dollars per barrel, the Honorable House of Representatives has used a benchmark of 79 dollars per barrel, it is infeasible for me to present for me to present the budget in the absence of a harmonized position of the MTEF.
” In the circumstances, it has become necessary to defer the presentation of the 2014 to a joint session of the National Assembly until such a time when both respected chambers would have harmonized their position on the MTEF. It is my hope that this will be in the shortest possible time.”. The president did not propose any date for the presentation of the fiscal estimate to the lawmakers.