The National Assembly has reviewed the benchmark price of crude oil in the amended Medium-Term Expenditure Framework (MTEF).
At separate plenaries in the Senate and House of Assembly chambers on Tuesday in Abuja, the lawmakers increased the price from the proposed $25 to $28.
Senators in the Upper Chamber took the decision in line with the recommendations in the report of the Senate Committee on Finance.
They explained that increasing the benchmark price became necessary because of the upward trend in the price of crude oil in the international market.
The Senate, however, retained the exchange rate of N360 to a dollar proposed by the executive arm of government.
Similarly, lawmakers in the lower chamber considered the report of the House Committee on Finance on the revised MTEF.
In line with the recommendations of the committee, the lawmakers increased the crude oil benchmark price.
They also proposed an oil production output of 1.8 million barrels per day, as against the 1.9 million barrels per day as submitted by President Muhammadu Buhari.
The House, therefore, called on the government to immediately scrap the Excess Crude Account (ECA).
According to them, the ECA has no backing of the law and should be scrapped in accordance with Sections 80 and 81 of the Constitution.