Buhari Sets Oil Benchmark for 2017 Budget

Nigeria’s President Muhammadu Buhari is gearing up preparations for the 2017 budget as promised.

The federal government on Monday has set several assumptions for the fiscal document for the next year.

According to Minister of Budget and National Planning, Udoma Udoma, next year’s budget would be based on an oil benchmark of $42.5 per barrel and average daily oil production output of 2.2 million barrels per day.

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President Muhammadu Buhari
President Muhammadu Buhari

He added that crude oil benchmark price and production under the 2018-2019 MTEF would be at $45 per barrel and $50 per barrel respectively.

The government also set oil production output for 2018 at about 2.3 million barrels per day and 2.4 million barrels per day in 2019.

He spoke at the presentation on the 2017-2019 medium term expenditure framework (MTEF) to civil society groups in Abuja.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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