Nigeria budgets 2.45 mm bpd oil output

Feb 13, 2008 01:00 AM

The two houses of the Nigerian parliament have agreed on a benchmark oil price of $ 59 a barrel for the 2008 budget, compared with a government proposal of $ 53.83/barrel, and assumed oil production of 2.45 mm bpd.
However, the two houses approved slightly different versions of the budget, both representing a sharp year-on-year increase in spending.

The Senate approved spending of 2.898 tn naira ($ 25.01 bn), according to documents made available to AFP, an increase of 26 % over 2007 spending of NGN 2.309 tn. The House of Representatives approved the sum of NGN 2.945 tn, an increase of 28 %.
A joint committee of the two chambers is now expected to reconcile the differences before sending the document for the president's approval.

Source / Dow Jones & Company, Inc.
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