* Projects lower oil revenue, benchmark price in
2020
The federal government, Tuesday unveiled the draft 2020-2022
Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper (FSP)
with a projected total budget of N9,789,243.466 for 2020.
It expressed concern that the country faces significant medium
term fiscal challenges, especially with respect to revenue
generation and rapid growth in personnel costs.
The Minister of Finance, Budget and National Planning, Mrs.
Zainab Ahmed, who unveiled the 2020-2022 Medium Term Expenditure
Framework (MTEF) and Fiscal Strategy Paper (MTEF/FSP) in Abuja,
Tuesday, stated that the 2020 budget would be predicated on a lower
oil production of 2.18 million barrels per day (mbpd) and lower
benchmark oil price of $55 per barrel.
The 2019 Budget is predicated on 2.3mbpd oil production and $60
per barrel benchmark.
“Oil production volume is projected to average 2.18mbpd for
2020. Although this is lower than the projected oil production
volume of 2.3mbps for 2019, we believe that this is a more
realistic projection. For 2021 and 2022, the projections are
2.22mbpd and 2.36mbps respectively
“Actual daily crude oil production and exports have been well
below budget projections since 2013 despite installed capacity of
up to 2.5mbpd, for a number of reasons,” she said.