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LequteMan
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The Federal Government of Nigeria has trimmed the 2015 budget by cutting projected earnings from export of crude oil in the year by N1.1tr, following the pressure on the Naira and the continued fall in global oil prices, Punch reports. Subsidy on petroleum products was also slashed by N680bn to N291.03bn from N971bn in 2014- a 70% reduction.
Excerpt:
The intense pressure on oil global oil prices may have forced the Federal Government to scale down the projected oil and gas revenue for 2015 by N1.1tn to N6.05tn from N7.16tn approved in this year’s budget.
The drop in projected revenue is contained in a document entitled: ‘Analysis of the 2015 FGN budget’ prepared by the Director-General, Budget Office of the Federation, Dr. Bright Okogu.
The N6.05tn projected oil and gas revenue is N777bn lower than the N6.83tn initially provided for in the Medium Term Expenditure Framework when the oil benchmark for the budget was pegged at $73 per barrel.
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#Nigeria
Excerpt:
The intense pressure on oil global oil prices may have forced the Federal Government to scale down the projected oil and gas revenue for 2015 by N1.1tn to N6.05tn from N7.16tn approved in this year’s budget.
The drop in projected revenue is contained in a document entitled: ‘Analysis of the 2015 FGN budget’ prepared by the Director-General, Budget Office of the Federation, Dr. Bright Okogu.
The N6.05tn projected oil and gas revenue is N777bn lower than the N6.83tn initially provided for in the Medium Term Expenditure Framework when the oil benchmark for the budget was pegged at $73 per barrel.
click here to read more
#Nigeria
