ABUJA — The Senate, yesterday, approved the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP, 2016-18 submitted by the Federal Government, basing the financial estimates on oil revenue at benchmark of $38 per barrel and exchange rate at N197/ $1. MTEF and FSP are the three-year fiscal plan from where the annual budget is extracted.

Nigeria’s naira fell 1.5 percent to a new low of 265 to the dollar on the unofficial market on Wednesday after the central bank rationed dollar supplies this week, traders said.

ABUJA — The Nigerian National Petroleum Corporation, NNPC, yesterday, apologised to Nigerians for the hardship experienced in purchasing petrol, while it also stated that it had entered into a partnership with security agencies in the country to assist in the monitoring of fuel supply across the country.

Nigeria’s economy faces significant risks in the days ahead, as the country is currently having difficulties getting buyers for its crude oil in the international market, even as the price of its various oil grades have been on a downward trend over the last couple of months.

ABUJA — The fuel crisis continued unabated in Abuja and other parts of the country, yesterday, as motorists thronged the few petrol stations selling the product.