MTEF Report: Oil Revenue Exceeds 2017 Projections Despite Initial Shortfalls – NNPC

The Medium Term Expenditure Framework (MTEF) report has indicated that despite initial shortfalls, oil revenue has exceeded the 2017 projections.

This is, according to a statement by NNPC’s Group General Manager on corporate planning and strategy, Bala Wanti.

In a presentation made to the House of Representatives joint committee on 2018-2020 Medium Term Expenditure Framework (MTEF) and fiscal strategy paper (FSP), Mr. Wunti said that oil revenue exceeded 2017 projections by 18 percent despite a shortfall of nine percent between January and June.

In the statement, he explained that it was because oil sold at an average of $52.49 per barrel between January and October, adding that the 18 percent recorded above benchmark was due to stability in the crude oil markets and the various geopolitical dynamics around the world.

The statement also addressed the Federal Government’s oil production target of 2.3 million barrels per day (mpd) in the 2018  budget saying that it was realistic and achievable adding that the price of $45 per barrel was also conservative and based on price scenarios of $35 at the lowest, $45 at the medium and $55 at the highest.

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Mr. Bala Wanti also added that the current production capacity in the country was more than 2.3mbd but due to the insecurity in the Niger-Delta region, full capacity has not been achieved over the years.

BigPen Online had earlier reported that the House of Representatives had postponed proceedings on MTEF till the 28th -30th of November, 2017.

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