Nigeria reports on November oil sale

Dec 17, 2003 01:00 AM

Nigeria realised a total of $ 1,838,250,000 about N 257.355 bn from the sale of 2.15 mm bpd of crude oil in November, according to statistics just released by OPEC. Governor James Ibori of Delta State presented to the state Assembly a budget proposal of N 68.25 bn for next year.
The average price of a basket of OPEC oils averaged $ 28:50 per barrel in November, making it the 44th time in the last 49 months that the monthly average OPEC basket price has been within its target range. From crude oil proceeds for last month, Federal Government got an average 57 % of the total, which translates to $ 1,047,802,500 bn (about N 146,692,350,000). The conversion is based on an official exchange rate of N 140 to one American dollar.

Meanwhile, Governor James Ibori of Delta State presented a budget proposal of N 68.25 bn for the 2004 fiscal year, to the state House of Assembly for ratification. This amount comprises N 37.30 bn for recurrent expenditure and N30.95 bn is for capital expenditure. The budget is N 6.44 bn more than this year's budget.
Governor Ibori stated that "the proposed increase is based on our expectation of a more favourable statutory allocation resulting from improved oil sales and the implementation of the Delta State Internal Revenue Card (DSIR) law which was passed by this honourable House and which had since received my assent. The DSIR card law, as you may recall, is expected to increase the level of compliance with tax payments in the state particularly in the self-employed and informal segments of our economy."

His government, he said, had "mapped out strategies to sustain our determination to improve our internal revenue generating efforts. It is in this regard, he went on, that we are anticipating the sum of N 8.01 bn in 2004 as against N 6.72 bn for 2003 which implies a growth of N 1.29 bn or 19 %."

Source: Vanguard
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