Nigeria to set $57 per barrel oil benchmark for 2022 budget

Nigeria’s Federal Government will set a crude oil benchmark price of $57 per barrel at 1.88 million barrels a day for its 2022 budget.

This was disclosed by the Minister of Finance, Zainab Ahmed on Wednesday, amid improving oil prices.

The Minister, according to Reuters report, added that the new crude benchmark would lift Nigeria’s current oil production from 1.47 million barrels per day to 1.88 million barrels per day, as the global economy reopens for business which has seen crude oil prices rise to their highest since 2018.

Nigeria relies on oil exports for more than half its budget and 95% of foreign exchange, but Ahmed has added that the FG’s spending could rise by 3% to N13.98 trillion