President Muhammadu Buhari last week presented the Appropriation Bill of N8.6 trillion for 2018 fiscal year to a joint session of the National Assembly. Dubbed Budget of Consolidation, the President hoped to sustain the reflationary policies of the past two budgets in 2016 and 2017.
The kernels for the 2018 Budget are in the 2018-2020 Medium Term Expenditure Frameworks, MTEF and Fiscal Strategy Paper, FSP with parameters and assumptions that a barrel of oil would sell for at least US$45, and a target production of 2.3 million barrels of crude oil per day.
As a member of OPEC, Nigeria canvassed for stability in crude oil prices which benchmark has given it some economic leverage in the last three quarters.
President Buhari alluded to the fact that the country is benefitting from the production cut by the 24 members of OPEC and non-OPEC. To him the relatively higher crude…
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