VOL. XLV

No 47

25-November-2002

NIGERIA

Nigeria Adopts $21/B Oil Price Assumption For 2003 Budget

Nigerias President Olusegun Obasanjo on 20 November unveiled a draft budget for 2003 based on an oil price assumption of $21/B, up from the $18/B assumption used for the 2002 budget. Government revenues for 2003 are forecast at 1.8 trillion Naira ($14bn), with oil exports accounting for 1.2 trillion Naira ($9.3bn) of this. Oil revenues for 2003 were estimated using Nigerias current OPEC quota of...