By Joy Odor
Oil Production (mbpd) was placed at 1.86 for 2021, 2.09 for 2022, and 2.38 for the 2022 fiscal year; while the Exchange Rate remains at N360 to USD$1.
Ahmed stressed that, “although Nigeria’s total production capacity is 2.5 million barrels per day, current crude production is about 1.4 million barrels per day – in compliance with the Organization of the Petroleum Exporting Countries’ production quota – and an additional 300,000 barrels per day of condensates, totaling about 1.7mbpd.”
She added that while the World Bank forecasts that crude oil prices will rise gradually from an average of USD$42 per barrel in 2021 to USD$44.5 per barrel in 2022; and USD$47pb in 2023, it is also expected that Brent crude oil prices may average $41 per barrel during the second half of 2020 and $50pb during 2021, climbing as high as $53pb by the end of next year.
“The nominal Gross Domestic Product (GDP) is expected to increase from N130,836.1 billion in 2020 to N132,125.4 billion in 2021 and then up to N138,415.8 billion in 2023,” Ahmed said.
Earlier, the Senate President in his welcome address indicated that the meeting was holding at the instance of the Minister of Finance, Budget and National Planning, and the main purpose of the meeting was for the Minister to brief the leadership of the National Assembly on the 2021 – 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper.
“Therefore, it will not be wrong to say that the journey to the presentation of the 2021 budget estimates by the Executive arm of Government has started in earnest.
“It is our expectation in the National Assembly, that this journey will lead to the presentation or laying of the budget estimates by the President before the end of September by the grace of God.”