FG to peg oil price benchmark at $42.5 in 2017.
FG to peg oil price benchmark at $42.5 in 2017.
The Federal Government will base the
2017 budget on an oil price benchmark
of $42.5 per barrel. Oil price currently
stands at about $48.9 per barrel.
This is one of the key highlights of the
Medium Term Expenditure Framework
(MTEF) for 2017 to 2019, which was
approved by the Federal Executive
Council, in Abuja, yesterday.
Minister of Budget and National
Planning, Udoma Udo Udoma,
disclosed this while briefing State
House correspondents at the end of the
FEC meeting presided over by President
Muhammadu Buhari.
According to him, budgets 2018 and
2019 will be based on benchmarks of
$45 per barrel and $50 per barrel,
respectively.
Similarly, oil production projections
have been put at 2.2 million barrels per
day for 2017, 2.3 million barrels per
day for 2018 and 2.4 million barrels per
day for 2019.
Sen Udoma also disclosed that the
MTEF, which would soon be forawarded
to the National Assembly, contained
growth rate outlooks of 3 per cent for
2017, 4.26 per cent for 2018 and 4.04
per cent for 2019.
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