Lagos — Nigeria has set its oil price benchmark for 2022 budget at $57 per barrel, Finance Budget and National Planning Minister, Zainab Ahmed, has disclosed.
The minister said Nigeria has also set higher crude oil production at 1.88 million barrels per day, bpd.
Africa’s largest oil exporter is producing roughly 1.47 million bpd of oil as a result of an agreement with OPEC and other oil-producing nations to curtail output. Its capacity is around 2 million bpd.
The current benchmark Brent crude oil price is $73.60 per barrel, according to Reuters.
Nigeria relies on oil exports for more than half its budget and 95% of foreign exchange.
Ahmed said that total spending by the federal government next year would be 13.98 trillion naira ($34 billion), an increase of 3% from this year’s budget. ($1 = 411.0000 naira)
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