Nigeria proposes 2.3bpd at $45 for 2018, as oil price hits $53

The Nigerian Federal Government, yesterday, approved a $45 per barrel oil price budget benchmark and predicated oil production at 2.3 million barrels per day for 2018.

Minister of Budget and National Planning, Mr. Udo Udoma, said the approval is contained in the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategic Paper (FSP) with the commitment to achieving 7 per cent growth rate by 2020 in accordance with the Economic Recovery and Growth Plan (ERGP).

The Minister said the exchange rate for the 2018 fiscal year was pegged at ₦305, which was the amount fixed by the Central Bank of Nigeria (CBN).

According to the Budget and Economic Planning Minister, “the Federal Executive Council (FEC) approved the 2018-2020 MTEF and the Fiscal Strategy Paper (FSP).

Meanwhile, oil price rose toward $53 a barrel on Wednesday ahead of a U.S. inventory report expected to show crude stocks dropped for a sixth week.

Brent crude LCOc1, the global benchmark, was up 50 cents at $52.64, after two days of decline.

U.S. West Texas Intermediate (WTI) crude CLc1 added 44 cents to $49.61.