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...For a better society... Wednesday, December 15 2004 Vol 13 No.44 News Editorial Politics Opinion Features The Arts Sports Education Business Money/Market Travels/Tourism Property/Environment Columnists View From America Don’t tamper with $27 oil benchmark, Obasanjo tells N. Assembly LERE OJEDOKUN, Abuja President Olusegun Obasanjo yesterday proposed fresh amendment to the 2005 budget asking the National Assembly to steer clear of the projected $27 per barrel oil bench mark. President Obasanjo in a letter to both the senate president Chief Adolphus Wabara and speaker of the House of Representatives Alhaji Aminu Masari said he would finance the N319 billion deficit for next year from the excess crude proceeds. "I plan to finance the deficit of N319 billion by drawing N148 billion out of the oil revenue saved in 2004 and the balance of N171 billion will be financed from if asset sales and concessioning of the ports. President Obasanjo in the three page letter dated December 9 however advised the National Assembly to retain the proposed $27 oil bench mark in view of the continued fluctuation in the price of oil at the international market. "I have elected to retain the price of US$27 per barrel and strongly urge that we stay at this price because the oil market remains very volatile as evidenced by the six dollar drop in price last week during less than 24 hours of trading". "It is our assessment that there is an important fiscal risk that would be attributable to raising the price above this level". The president also noted that with the expected peace in Irag and additional crude production by Russia it may be risky to increase the projected oil bench mark for the 2005 budget. The president letter followed speculation that the senate may increase the oil bench mark to $30. Proponent of such increase of the view that continued expansion of the Chineze economy as well continued insecurity and violence in Irag may push up the oil price at the international market. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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