The federal government has pegged the price of crude at $70 per barrel in 2023, $66 in 2024, and $62 in 2025.
This is contained in the 2023-2025 medium-term expenditure framework (MTEF) and Fiscal Strategy Papers (FSP) approved by the federal executive council.
Minister of finance, budget and national planning, Zainab Ahmed, who disclosed this, said the ministry got inputs from the council and will make the necessary adjustments for onward presentation to the national assembly.
“Crude oil production is projected to be 1.69 million bpd for 2023 and 1.813million bpd for both 2024 as well as 2025. We have also projected that the nominal GDP, that the size of Nigeria’s economy will rise to N225.5 trillion with 95 percent of this contribution by the non-oil sector, while the oil sector will contribute only 5 percent,” she said.
“And some steady increase from 2024, 2025 to reach up to N280.70 trillion in 2025. This means that Nigeria continues to retain its position as the largest economy in Africa.”
Ahmed also said the 2022 budget, until April, performed very well with steady growth in the economy for five consecutive quarters.
On his part, Olamilekan Adegbite, minister of mines and steel development, said the council approved a downstream policy to prevent the export of raw ores from Nigeria and ensure some beneficiation by Nigerians before minerals are exported.
