FG to peg oil price benchmark at $42.5 in 2017

The Federal Government will base the 2017 budget on an oil price benchmark of $42.5 per barrel. Oil price currently stands at about $48.9 per barrel.

This is one of the key highlights of the Medium Term Expenditure Framework (MTEF) for

2017 to 2019, which was approved by the Federal Executive Council, in Abuja, yesterday.

Minister of Budget and National Planning, Udoma Udo Udoma, disclosed this while briefing State House correspondents at the end of the FEC meeting presided over by President Muhammadu Buhari.

ALSO READ:I will keep my oath at all cost-Buhari vows

According to him, budgets 2018 and 2019 will be based on benchmarks of $45 per barrel and $50 per barrel, respectively.

Similarly, oil production projections have been put at 2.2 million barrels per day for 2017, 2.3 million barrels per day for 2018 and 2.4 million barrels per day for 2019.

Sen Udoma also disclosed that the MTEF, which would soon be forawarded to the National Assembly, contained growth rate outlooks of 3 per cent for 2017, 4.26 per cent for 2018 and 4.04 per cent for 2019.

Comments

WHAT'S HOT

Facebook Trying To Get Rid Of Fake, Low-Quality Live Videos

Facebook is updating its Live guidelines to limit the reach of fake and low-quality content. It's explicitly disallowing publishers from posting prerecorded videos as if they're livestreams and it also won't allow for static/looping images or livestreamed polls.

Poco F2 Pro 5G Officially Launched Globally With Snapdragon 865

After months of wait, Poco has officially launched Poco F2 Pro. The phone is a sequel to the Poco F1 which was a huge success for the company back in 2018. It is also the second Poco contender in 2020. In February, the Poco brand revealed a new phone lineup and launched Poco X2. The phone was priced at Rs 15,999 and featured similar specs of Redmi K30, a Xiaomi flagship that was launched back in 2018. The company has applied the same strategy for today’s launch. As we expected, Poco F2 Pro bundles all the specs of Redmi K30 Pro that Xiaomi launched last month. Poco F2 Pro Specifications, Availability and Price Unlike the Poco X2, the phone offers a circular camera at the back and a pop-up selfie camera at the front as opposed to the regular dual-hole punch cutout on the display of Poco X2. Poco F2 Pro comes with a 6.67-inch FHD+ AMOLED display with a 92.7% screen to body ratio. On top of that, the phone has an in-display fingerprint sensor to keep up with...

Windows Subsystem For Linux Is Beta No More, Gets “Full Support” In Windows 10 Fall Creators Update

As we told you earlier, WSL on Windows 10 moved out of beta in August. It still carries the beta tag in Windows 10 Creators Update. Also, it won’t require people to enable developer

Steps To Enable Speech Recognition On Windows 10

The accuracy of speech recognition increases through use, and the feature adapts itself to a user’s grammar, word usage, speech patterns, and vocabulary.

9JABREEZELAND

Search This Blog