PRESIDENCY PROPOSES $42.5 OIL PRICE BENCHMARK FOR 2017

For the next fiscal year, the executive arm of government has proposed a crude oil benchmark price of $42.5 per barrel, up from the $30 in the 2016’s budget.

An estimated N7.775 trillion is expected as revenue to be generated from the oil mineral resources alone based on the proposed $42.5 benchmark price and an estimated 2.2 million barrel per day oil production volume.

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