The House of Representatives in Nigeria has set up its conference committee to meet with the Senate to harmonise a common position on the oil benchmark price for the 2014-2016 Medium Term Expenditure Framework (MTEF).
After plenary on Tuesday, the speaker of the House of Representatives, Aminu Tambuwal announced the committee.
The inability of both chambers to agree on the document was cited by President Goodluck Jonathan as the major reason for his cancelation of a scheduled presentation of the 2014 budget proposal to the National Assembly last week.
Under Nigeria’s Fiscal Responsibility Act, the budget is predicated upon the MTEF. The Senate had passed a version of it with a $76.50 benchmark while the House of Representatives had a benchmark of $79 per barrel.
Both chambers are are expected to reach an agreement on what the price should be to enable the president present the 2014 budget proposal which critics have said is already running late.
Similar disparity in oil benchmark price was witnessed in 2012, resulting in a delay in the deliberation and approval of the 2013 budget.