(Adds details, background)
LAGOS, July 9 (Reuters) - Nigeria's President Muhammadu
Buhari will on Friday sign into law a 10.8 trillion naira
($28.38 billion) revised 2020 budget passed by lawmakers last
month, the presidency said on Twitter on Thursday.
The budget was passed by parliament in June after it was
revised as part of an effort by the government to tackle the new
coronavirus pandemic and low oil prices. Finance Minister Zainab Ahmed also on Thursday held talks
with lawmakers during which she provided details of a framework
for the government's 2021-2023 spending plan, which she said she
plans to submit to parliament later this month.
The benchmark price for oil for the 2021 fiscal year was
pegged at $35, and then $40 for 2022 and 2023, respectively,
according to a statement issued by the office of the leader of
the Senate, parliament's upper chamber.
The framework is used to calculate the government's budget.
Oil production was placed at 1.86 million barrels per day
(mbpd) for 2021, 2.09 mbpd for 2022, and 2.38 mbpd for the 2023.
The exchange rate was set to remain at 360 naira per dollar.
Nigeria, the top oil producer in Africa, is heavily reliant
on crude oil sales which make up around 90% of foreign exchange
earnings.
($1 = 380.5000 naira)