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Nigeria budgets 2.45 mm bpd oil output
The two houses of the Nigerian parliament have agreed on a benchmark oil
price of $ 59 a barrel for the 2008 budget, compared with a government
proposal of $ 53.83/barrel, and assumed oil production of 2.45 mm bpd.
However, the two houses approved slightly different versions of the
budget, both representing a sharp year-on-year increase in spending.
The Senate approved spending of 2.898 trillion naira ($ 25.01 bn), according
to documents made available to AFP, an increase of 26 % over 2007
spending of NGN 2.309 tn. The House of Representatives approved the sum
of NGN 2.945 tn, an increase of 28 %.
A joint committee of the two chambers is now expected to reconcile the
differences before sending the document for the president's approval.
