FG explains $42.5 per barrel benchmark for 2017

The Federal Government has proposed $42.5 per barrel benchmark for the year 2017.    Presenting the 2017-2019 Meduim Term Expenditure Framework (MTEF)  to civil society group in Abuja on Monday, Minister of Budget and National Planning, Udoma Udoma, explained that next year’s budget would be based on oil benchmark of $42.5 per barrel and average daily oil production output of 2.2 million barrels per day.
 The Minister also set oil production output for 2018 at about 2.3 million barrels per day and 2.4 million barrels per day for the following year.
 According to the minister, the Federal Government would be working with an exchange rate assumption of N290 to the dollar consecutively for the three years, while the nominal oil gross domestic product (GDP) was set at about N7,775 billion for 2017, N8,997 billion for 2018 and N10,885 billion for 2019.