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More facts smoked out from the GTBank’s Oil Outlook 2020, have shown that of the 2020 targeted spend of N10.59 trillion, the Ministry of Petroleum Resources (MPR) will contribute circa N4.45 trillion.
Commenting under the title; ‘The Ministry of Petroleum Resources under H.E. Chief Timipre Sylva & The 2020 Approved Fiscal Budget/Framework’, the Outlook recalled that the 2020 budget is predicated on a benchmark oil price of US$57 per barrel (pb), oil production volume of 2.18 million barrels per day (mbpd), exchange rate of US$1/N305, inflation rate of 10.81% and GDP growth rate of 2.93%.
It also added that with a projected revenue of N8.42 trillion and targeted spend of N10.59 trillion, the budget deficit stands at N2.18 trillion.
The projected revenue breakdown consists of N1.81 trillion non-oil revenue, N2.64 trillion oil revenue and N3.97 trillion from other revenue sources. On the expenditure side, N2.47 trillion was earmarked for capital expenditure, N4.49 trillion for recurrent expenditure and N2.43 trillion for debt servicing.
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