Nigeria In One Minute
Declining oil prices pose risks to 2019 fiscal year projections’
Operators in the organised Private Sector (OPS) have raised concerns about the declining oil prices and risk to government’s economic projections for 2019 fiscal year as well as adverse impact on the 2019-2021 Medium-Term Expenditure Framework (MTEF) if the trend continues.
The Federal Government had projected a production capacity of 2.3 mbpd at a benchmark price of $60 per barrel for the 2019 fiscal year.
At $51.55 per barrel, the brent crude closed lower yesterday, as operators noted that the improvement in liquidity and relative stability in forex market witnessed by businesses in 2018 will likely come under threats due to declining receipts from oil.
The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf noted that the fiscal operations of government would be adversely affected and this may further threaten the ongoing discussion around new minimum wage.
The Guardian, December 27, 2018
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