BEVERLY HILLS, Augsut 10, (THEWILL) – The Federal Executive Council (FEC) has approved the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) with crude oil production capacity expected to be at about 2.3 million barrels per day with the price projected at an average $45 per barrel next year.
This was disclosed by the Minister of Budget and National Planning, Udoma Udoma, stating that the highlights of the MTEF showed government’s commitment to achieving seven per cent growth in the economy by 2020, in accordance with the National Economic Recovery and Growth Plan (NERGP).
The Minister revealed that government, in order to achieve the growth rate, approved a slightly different trajectory of target growth rate of 3.5 per cent in 2018; 4.5 per cent in 2019 and 7 per cent in 2020.
On the exchange rate of the Naira, Udoma said the rate would be about N305 to the dollar, as indicated by the Central Bank of Nigeria (CBN).
“We expect the crude oil production capacity would consist about 1.8 million barrels per day (regularly crude production), and 500,000 barrels per day of condensates, with the price projected at an average $45 per barrel next year,” he stated.
“We are also committed to explore ways of raising additional revenue, to reduce the debt service to revenue ratio.”
