Nigeria is to earn N16.912 billion daily from oil sales under the budget agreement deal worked out between the National Assembly and the presidency it emerged yesterday.
The daily oil revenue amounting to N6.189 trillion over the year was arrived on the basis of 2.45 million barrels of oil production per day at a price of $59 per barrel, the Senate Committee on Finance revealed in a verbal interim report on the budget yesterday.
The earnings are, however, exclusive of deductions by the oil companies and other production costs.
Also yesterday, the Senate in an apparent effort to avoid the controversy that shadowed the last Constitution review exercise resolved not to seek external funding for the intended Constitution amendment process scheduled to commence this month.
Senator Idris Umar a member of the Senate Committee on Finance who stood in for the Committee chairman, Senator Ahmed Makarfi at yesterday�s Senate session briefed the Senate on the budget profile agreed between the National Assembly and the presidency.
He also revealed that the two arms had agreed to maintain an exchange rate of N117 to the dollar in the working of the budget.
Senator Umar�s submission came following the resolution of the Senate to stand down further plenary sittings this week till next week to allow Senators give more attention to the budget.
The deputy President of the Senate, Senator Ike Ekweremadu who presided at yesterday�s session while pleading with Nigerians for understanding on the budget said the Senate was committed to producing a well considered budget.
Senator Iyiola Omisore, chairman of the Senate Committee on Appropriation while giving the Committee�s excuse for not presenting the budget report yesterday said the Committee got the budget profile from the Committee on Finance only on Monday.
Briefing newsmen at the end of yesterday�s session, Senate spokesman Senator Ayogu Eze also pleaded for patience from Nigerians on the budget. He also put some of the blame on elements in the presidency who he said did not give early cooperation to the National Assembly.
�The delay in passing the budget is not essentially caused by the Senate. Rather it was caused by the executive inability to conclusively furnish the relevant committees with the financial profile of the government.
�This has been coming in bits and pieces but finally we are getting the fuller picture. We are assuring Nigerians that by the Grace of God we shall complete the passing of 2008 budget by next week,�� he said.
�We shall pass the budget before the end of the month so that the determination of both the legislature and the executive branches to run the fiscal year from January to December shall be given effect.��