The Federal Government will set a crude oil benchmark price of $57 per barrelĀ at 1.88 million barrels a day for its 2022 budget.
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This was disclosed by the Minister of Finance, Zainab Ahmed on Wednesday in a report by Reuters.
The Minister added that the new crude benchmark would lift Nigeria’s current oil production from 1.47 million barrels per day to 1.88 million barrels per day, as the global economy reopens for business which has seen crude oil prices rise to their highest since 2018.
READ: Southern Governors reject proposed 30% profit share for oil exploration in the North
Nigeria relies on oil exports for more than half its budget and 95% of foreign exchange, but Ahmed has added that the FG’s spending could rise by 3% to N13.98 trillion.
In case you missed it
- Yesterday, Brent Crude prices were downĀ 3.51%, trading below the $75 range at $74.40, as traders digested the failure of the Organization of the Petroleum Exporting Countries and allies (OPEC+) to come up with an agreement over future output levels.
- The Nigerian Senate also approved a $6.1 billion (N2.3 trillion) loan request by the Federal Government to fund the 2021 Appropriations Act
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