Nigerian government forecasts on 2003 oil budget
The Department of Petroleum Resources (DPR) told the Senate that the sum of N 214,716,468,621 bn is expected from the
sale of crude oil in 2003.
Briefing the Senate Committee on Finance, officials from DPR gave the breakdown of the amount as follows:
N 144,445,140 bn is expected from oil royalties, while N 232,791,003 mm is expected from rentals, N 63,000,000,000 bn from Acreage Allocation.
Part of the breakdown according to the DPR includes N 6,776,537,618 bn from penalty from gas flaring, while N
252,000,000 bn is expected from sundry areas, thus bringing the total to N 214,716,468,621 bn. The DPR official told
the lawmakers that the total oil production for 2003 per day is estimated at 1.887 mm per barrel daily, while the
projected selling price per barrel is at $ 20 and the calculated exchange rate is pegged at N 126 per dollar.
President Olusegun Obasanjo had presented a N 765.132 bn 2003 Appropriation Bill to the National Assembly. The bill is made up of N 508.788 bn, which consist of N 343.343 bn as personnel cost and overhead cost of N 165.424 bn. Also the bill consists of N 256.363 bn as capital expenditure.
Also the House released the timetable for the consideration of the 2003 Appropriation Bill, stating that baring any
last minute hurdles, the Budget bill would be ready by January 23 next year. According to a letter by the Chairman of
the House Committee on Appropriation, Hon. Barau Jibrin, dated November 26, 2002 to all House Committee Chairmen
titled "2003 Appropriation Bill Consideration", the timetable indicated that the budget would be out latest by
January 23, 2003.
Details of the timetable state that final debate on the report of House Committee on Appropriation will commence between January 21 and 23, 2003.