Nigeria’s parliament raises oil price assumption from $45 to $47 per barrel

Nigeria’s parliament has passed the government’s 2018 to 2020 spending framework. The lawmakers raised the oil price assumption to 47 dollars from 45 dollars per barrel. Aside from the oil price assumption, parliament kept other details contained in the document the same. The framework had earlier been approved by both the Senate and the House of Representatives. Nigeria is Africa’s biggest oil producer and crude oil sales make up two-thirds of government revenue. The budget projects crude production of 2.3 million barrels per day for next year. It also forecasts Nigeria’s economy will grow 3.5 percent next year, 4.5 percent in 2019 and 7 percent in 2020.

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