2020 Budget: Federal Government pegs oil production at 2.18mbpd

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Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning said the Federal Government has pegged oil production at 2.18 Million Barrels Per Day (MBPD) in the 2020 budget.

Ahmed made this known at the Highlights and Breakdown of the assented 2020 budget in Abuja on Thursday.

She explained that though the projection was lower than the oil production volume of 2.3 MBPD in 2019, it was more realistic.

According to her, actual daily crude oil production and exports had been below budget projections since 2013 in spite of installed capacity of up to 2.5 MBPD for a number of reasons.

In 2018, the actual production was 1.84 million barrels per day and for the first half of 2019 it was 1.86MBPD.

The 2020 Budget also pegged the oil price at 57 dollars per day and 10.81 percent inflation rate.

The Minister said the Gross Domestic Product (GDP) was expected to grow by 2.93 percent, while N305 to a dollar was projected in the budget as exchange rate.

Ahmed further stated that N142.96 trillion was projected for nominal GDP while 122.75 trillion was expected as nominal consumption.

Amaka E. Nliam