Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government has pegged oil production at 2.18 Million Barrels Per Day (MBPD) in the 2020 budget.
Ahmed made this known at the Highlights and Breakdown of the assented 2020 budget in Abuja on Thursday.
She explained that though the projection was lower than the oil production volume of 2.3 MBPD in 2019, it remains more realistic. According to her, actual daily crude oil production and exports had been below budget projections since 2013 in spite of installed capacity of up to 2.5 MBPD for a number of reasons.
The minister added that in 2018, the actual production was 1.84 million barrels per day and for the first half of 2019, it stood at 1.86MBPD.
According to her, the budget also pegged the oil price at 57 dollars per barrel and 10.81 per cent inflation rate.
She said the Gross Domestic Product (GDP) was expected to grow by 2.93 per cent, while exchange rate of N305 to a dollar was adopted for the budget.
Ahmed further stated that N142.96 trillion was projected for nominal GDP while N122.75 trillion was expected as nominal consumption.