VOL. XLVII

No 13

29-March-2004

BUDGETS AND REVENUES

Nigeria Raises 2004 Budget Oil Price Assumption To $25/B

The Nigerian Senate and House of Representatives have voted unanimously to raise the benchmark oil price assumption for the countrys 2004 budget from the original estimate of $22-23/B (MEES, 17 November 2003) to $25/B. According to the Chairman of the House Committee on Finance, Farouk Lawan, the decision was made because the international price of crude oil for the first quarter of the...