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2019 Budget: More Troubles, OPEC Pegs Nigeria’s Output at 1.6mbd

The implementation of Nigeria’s 2019 budget is faced by a fresh threat as crude oil production adjustment agreed by member countries of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC, led by the Russian Federation in December 2018, has lowered Nigeria’s daily oil production level to 1.685 million barrels per day (mbd), THISDAY has learnt.

With oil price around $80 during the period of the preparation of the 2019 budget, the federal government had ignored the $50 per barrel oil price benchmark proposed in the Economic Recovery Growth Plan (ERGP), and proposed a $60 per barrel oil price for the budget.

However, from a 2018 peak of $86 per barrel last October, oil price had dropped to $48 per barrel before rebounding to $61 as at yesterday.

To fund the N8.83 trillion budgets, the federal government also predicated the estimates on the production of 2.3 million barrels per day.

THISDAY, January 23, 2019

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