The Nigerian Senate has said it will subject the new 2012 budget template to further scrutiny especially against the backdrop of recent changes on the projected oil bench mark and exchange rate for the budget. The Senate’s position followed the adjustment of the oil bench mark from $75 to $70 as well as the review of exchange rate initially reflected in the Medium Term Expenditure Framework, MTEF, sent by President Goodluck Jonathan to the National Assembly. In the MTEF, the exchange rate projected for the 2012 budget was N153 to the dollar. But the CBN has said it will review the exchange rate band to between N156 and N157 in the next week or two, making the N153 budget projection by the government unrealistic. Members of the Senate Committee on Finance, who were in a meeting with the Director of Budget Office, Dr. Bright Okogu, resolved to reconsider these templates, especially against the backdrop of prevailing economic circumstances in the country. Okogu, while briefing the Committee on the need for the downward review of benchmark, said government after many consultations with stakeholders wanted to peg the benchmark at a realistic level of implementation. He said: “In the framework forwarded to the National Assembly, we put the oil benchmark at $75 per barrel but after consultations with stakeholders, we are likely to revise it to $70 per barrel. Most of the oil countries that had turbulence, the situation seems to be over.” Okogu also disclosed to the committee that the executive was contemplating pegging the exchange rate in the proposed budget to be forwarded to the National Assembly at N155 to the dollar, Gross Domestic Product, GDP, 7.2 per cent and inflation rate of 9.5 per cent. He also added that fiscal deficit had been put at N1.1 trillion and disclosed that all government agencies had been asked to sit up in order to make the budget a reality. He told the committee that government was expected to raise N10 billion from privatisation, adding that effort is on to ensure that some agencies slated for privatization could be sold. On the high domestic debt profile of the nation, Okogu said government was making concerted effort to reduce it to about N500bn. He said: “The issue of local debt is now causing a lot of concern. The programme we have will reduce it to about N500bn.’’ Customs alleges undue influence Meanwhile, the Comptroller General of Nigerian Customs Service, NCS Alhaji Abdulllahi Dikko, who was also at the meeting alleged undue influence from some quarters on the operations of the service. Dikko, who told the committee that Customs had surpassed it revenue target for 2011 by generating N597 billion, added that the NCS would not be deterred by the interference in the performance of its duties. He said: “What we are seeing is pressure from left and right that this or that person is mine. We need a political will to help Nigerian Customs apply full weight of the law. But so far, from January to October, 2011, N597, 622,172,464.87 has been realized from payment of duties. With this feat, we have surpassed this year’s target even as more is expected for November and December, 2011.’’. The target for the year was put at N596, 096,096,900,000.00. He said all activities of the service would be fully automated as from January next year to remove physical contacts between importers and Customs officials. His words, “By January next year, no importer will have direct contact with customs. Everything will be on the internet. We are going to have challenges but we are prepared." Senator Otu assured the CG that the committee would assist the NCS in ensuring the smooth conduct of its operations.