(Adds production level, background)
ABUJA, Oct 3 (Reuters) - Nigeria's legislature on Thursday
increased the value of the country's 2020 budget outline to
10.729 trillion naira ($35 billion) based on expectations of
higher oil prices.
The legislature passed a medium-term expenditure framework
that increased the anticipated oil price to $57 per barrel from
a previous $55 per barrel. That pushed the budget up from 10.002
trillion naira.
The finance minister had previously revised the expected oil
price down from $60 per barrel to cushion against supply shocks.
The framework passed on Thursday also pegged oil production
at 2.18 million barrels per day (bpd). While Nigeria is
currently producing at roughly that level, it had pledged to cut
it meet an OPEC cap on crude oil of 1.685 million bpd.
The document is a plan Nigeria uses to prepare its annual
budget. The finance minister submits the framework to the
legislature, which must then approve it.
President Muhammadu Buhari is expected to present a
finalised budget proposal to the legislature on Tuesday.
($1 = 306.0000 naira)