Site icon Moneycentral

Nigeria to Adopt Oil Benchmark Price of $57 Per Barrel in 2022

IPPIS

Minister of Finance, Budget and National Planning, Zainab Ahmed

Nigerian Finance Minister Zainab Ahmed said on Wednesday that the government is assuming a crude oil benchmark price of $57 per barrel for the 2022 budget, and 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. 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.

Exit mobile version