PRESIDENT Goodluck Jonathan, on Tuesday, called off the scheduled 2014 budget presentation to the joint sitting of the National Assembly, hinging his decision on the resolve by the House of Representatives to raise crude oil benchmark to $79, in differential to $76.5 passed by the Senate.
It will be recalled that the president, in the 2014-2016 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), proposed $74 as benchmark for barrel of crude oil, but both Senate and House joint committees, after conducting legislative action on the document, recommended $76.5 as benchmark of crude oil for 2014.
However, at the committee of the whole, the Senate passed $76.5 figure for crude oil benchmark for 2014, while the House passed $79 figure last week Thursday.
The development means both chambers had to meet again and agree on the differences in the crude oil benchmark, through conference committee to be raised by the lawmakers.

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Those who may want to delude themselves that the national cake is not made up of Niger Delta crude oil revenue should take a good note of this.