Nigeria’s crude oil production level is now 1.4 million barrels per day

EM just gathered that Mrs. Zainab Ahmed, the Minister of Finance, Budget and National Planning presented the draft 2021 to 2023 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper to the National Economic Council (NEC) yesterday, Thursday, the 9th of July 2020.

In her words, Ahmed informed State House correspondents at the end of the virtual NEC meeting held at the Presidential Villa, Abuja, said the briefing was one of the main consultations that needed to be done before proceeding to the Federal Executive Council (FEC) for approval.

The virtual NEC meeting was presided over by Vice President Yemi Osinbajo.

She said: “As you know, the Nigerian economy has been facing significant challenges and this is the first half of the year.

“The micro-economic environment has been really challenged and disrupted; crude oil prices have declined and we have had to adjust our budget and our Medium-term plan as a result.

“And also, another development that has affected is the massive cut that OPEC has now imposed on OPEC members and OPEC allies to our production volume.

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She further stated that Nigerian crude oil production level as provided by OPEC is now 1.4 million barrels per day.’’

The minister said the issue of the gross revenue expected into the Federation Account was also discussed at the meeting.

According to her, the revised 2020 budget has a total expenditure of N9.16 trillion while the projection being made for the 2021 budget is N9.613 trillion.

Ahmed added: “So, after the consultations with NEC, National Assembly, with NEC, and with the public, we now make any adjustments that become necessary before we eventually go to the FEC for approval.

According to Ahmed, Nigeria’s target is to continue with the momentum to ensure that we meet the January to December budget deadline and to able to meet the deadline, we have to get the MTEF done and approved because it forms the framework for the budget.”

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