FG retains oil benchmark at $38, exchange rate at N197/US$

The Federal Government has retained major revenue assumptions in the reworked budget signed into law this morning by President Muhammadu Buhari. In the 2016 Appropriation Bill assented to by the President, the key revenue assumptions proposed by the Executive was retained by the National Assembly. 

These include the benchmark oil price of $38 per barrel, oil production volume of 2.2mbpd and exchange rate of N197/US$. 

A statement from the Office of the Budget and National Planning Minister, Senator Udoma Udoma indicated that the Presidency was pleased with the retention of the benchmarks by the lawmakers, who worked on the budget. 

The statement, which was signed by the Minister’s Media Adviser, Mr. James Akpandem, indicated that the aggregate budget of N6.06 trillion was passed by the National Assembly and given assent by the President. 

It will be recalled that the Executive had proposed N6.077, indicating a decrease of about N17 billion. This implies a reduction in the fiscal deficit from 2.16% of GDP to 2.14% of GDP.