BusinessHighlightOil & Gas

2024 budget: Oil benchmark fixed at $77.96, exchange rate of 750 to dollar

Presenting the budget before a joint session of the National Assembly in Abuja, the President announced a conservative oil price benchmark of $77.96 per barrel coupled with a daily production estimate of 1.78mb/d, following a thorough examination of global oil market trends.

1.6k

President Bola Tinubu on Wednesday announced an oil benchmark of $77.96 and the Naira at N750 to a dollar for the 2024 of N27.5 trillion.

Tagged “Budget of Renewed Hope”, the fiscal estimates have a non-debt recurrent expenditure of N9.92 trillion and debt servicing projected to gulp N 8.25 trillion while N8.7 trillion is also being earmarked for capital expenditure.

Presenting the budget before a joint session of the National Assembly in Abuja, the President announced a conservative oil price benchmark of $77.96 per barrel coupled with a daily production estimate of 1.78mb/d, following a thorough examination of global oil market trends.

Additionally, a Naira to U.S. Dollar exchange rate of N750 has been adopted for the 2024 budget.

He said: “Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.

“After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day.

“We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.”

Nigeria’s oil price benchmark of 77.96 US Dollars per barrel may be line with Crude oil price rise ahead of OPEC+ meeting.

Persecondnews reports that oil edged higher on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months, following a supply disruption caused by a storm in the Black Sea, leading to a price lift.

A severe storm in the Black Sea region disrupted up to 2 million barrels per day (bpd) of oil exports from Kazakhstan and Russia, according to state’s officials and port agent data, fuelling concerns of short-term supply tightness.

OPEC+ is due to hold an online ministerial meeting tomorrow, Thursday, to discuss 2024 production targets, after delaying the meeting from Nov. 26.

Persecondnews also reports that oil also found support from the dollar’s weakness and a drop in U.S. crude inventories.

This was as President Tinubu spotlighted national security, job creation and poverty reduction as top priorities of the 2024 Appropriation Bill.

Leave a comment

Related Articles

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...

Russia, Nigeria Set for Historic Friendly Match

The Russian Football Union (RFU) has announced that the country’s men’s national...

Pres. Tinubu Arrives in Ethiopia for 38th AU Summit

President Bola Tinubu arrived in Addis Ababa, Ethiopia, on Thursday night to...

FCT President Cup: EFCC FC, Galadima FC, FWC FC, N-Youth Academy Secure Semifinal Spots

The stage is set for the semifinals of the FCT President Cup,...

Southwest Governors Move to Establish Joint Security Outfit to Counter Rising Banditry, Insurgency Threats

Amid rising concerns over the renewed spate of banditry and insurgency in...

Abiodun’s Investment Drive: Ogun to host West Africa’s largest cotton and apparel industry, targets 40,000 jobs

The biggest cotton and apparel industry in West Africa, with a capacity...

Fire ravages 7-Storey Lagos building, leaving trail of destruction

A devastating fire swept through a seven-storey commercial building located in the...

FCT Police, Military Join Forces to Neutralize Deadly Abuja Armed Robbery Gangs

A collaborative effort between the FCT Police Command, military personnel, and local...