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Bullion

Keywords

National savings, Oil price, Oil price benchmark

Abstract

Budgeting involves the design of plans that aligns expected financial resources and expenditure to accomplish specific national goals and objectives. It is in this regard that this paper provides a simple framework for deriving an acceptable bench-mark price for crude oil for budgeting purposes. This is aimed at enabling the elimination of subjectivity in budgeting process and promote understanding between all the stakeholders in order to fast track the process of passage of the appropriation bill. Following a brief introduction, the paper examines the need for national saving fund and constitutional provisions for national savings. Section three focuses on the international experiences while section four presents the framework for deriving appropriate benchmark price for the national budget and the last section concludes the article.

Author Bio

The author is a staff of Central Bank of Nigeria, Nigeria.

Publication Title

CBN Bullion

Issue

1

Volume

30

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