Investing.com - Financial Markets Worldwide

UPDATE 1-Nigeria's Senate passes revised 10.8 trillion naira budget

Published 11/06/2020, 13:55
Updated 11/06/2020, 14:00
UPDATE 1-Nigeria's Senate passes revised 10.8 trillion naira budget

(Adds details, background)
By Camillus Eboh
ABUJA, June 11 (Reuters) - Nigeria's upper house of
parliament passed an increased budget for 2020 on Thursday, as
Africa's biggest economy tackles the new coronavirus pandemic
and a sharp fall in the price of oil, the country's most
valuable export.
The government had planned to reduce its initial record 2020
budget, but the revised 10.8 trillion naira ($30 billion) plan
approved by the Senate and passed by the lower house a day
earlier, is now above the amount President Muhammadu Buhari had
agreed to in December. It is also 300 billion naira larger than the revised budget
plan Buhari had submitted to parliament, and it increases the
projected oil price by $3 per barrel. The spending plan must now be sent back to the president to
pass into law after he has agreed to any changes.
The budget assumes oil production at 1.9 million barrels per
day (bpd). Oil prices have recovered from a 20-year low of just
under $16 per barrel hit in March.
However, Nigeria has also agreed to limit its oil output to
1.412 million bpd as part of a deal with the Organization of the
Petroleum Exporting Countries and other producers. That
agreement was extended through the end of July. ($1 = 361.0000 naira)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.