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

How To Connect Android or iOS Phone To Windows 10

The Continue on PC feature is currently available to Windows Insiders, but it’ll arrive for regular users once the update starts landing on their PCs. If you’re running an Insider build, you can use the steps mentioned in this post to connect your phone to Windows 10 PC.

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...

Learn How To Activate iOS 11 Dark Mode

Apart from all the major iOS 11 features and changes, there are some hidden and minor features as well. In this release, Apple has included a feature named Smart Invert Colors, which is the closest you can get while looking for an iOS 11 dark mode.

Qualcomm Announces Its First 5G Network With X50 Modems

Qualcomm published in its official OnQ blog that the 5G data connection demonstration achieved gigabit download speeds using several 100 MHz 5G carriers. The demonstration utilized new 5G Protocol R&D Toolset and the UXM 5G Wireless Test

9JABREEZELAND

Search This Blog