Sunday, March 20, 2011

Nigeria: Budget with strong oil projection passes

ABUJA, Nigeria

Nigerian lawmakers have passed a 2011 budget suggesting that oil production levels in the OPEC-member nation will remain at 2.3 million barrels a day throughout the year.

The budget bill, given final approval Wednesday, plans on the West African nation spending $33.1 billion this year. It anticipates oil production levels will hover near the level they are now, without any interruption from the militant attacks that once plagued the country's oil-rich Niger Delta.

The budget also plans on the price of crude oil to be about $75 a barrel. With oil prices hovering around $97 a barrel now, that allows much wiggle room for a country funded largely by oil revenues and with a history of corruption.

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