By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Oil Market Uncertainties Will Affect 2017 Budget, Says Kachikwu
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Oil Market Uncertainties Will Affect 2017 Budget, Says Kachikwu

Farouk Mohammed
By Farouk Mohammed
Published: July 13, 2017
Share
2 Min Read
SHARE

Minister of State for Petroleum Resources, Ibe Kachikwu, says the 2017 budget implementation will be affected by growing uncertainties in the global oil market.

Kachikwu made the statement at a news conference on Wednesday in Abuja.

The minister disclosed that the Ministry of Finance and the Federal Executive Council were working on measures to cushion the impacts of the shortfall from oil production on the budget.

Kachikwu explained that while the oil production benchmark in the budget was 2.2 million barrels per day (mbpd), the country was producing about 1.7mbpd.

- Advertisement -

”In terms of the budget impact, definitely, I mean, it is predicated on the number of 2.2 million barrels per day and a price index of 42.50 dollars.

”There is no gainsaying the fact that budget will be impacted but we are working hard with the Federal Executive Council to see how we can forecast or predict that sort of impact and see how we can recover,” he said.

On production cut, Kachikwu said Nigeria would in time join in the production cut initiated by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members led by the Russian Federation to stabilise the market.

He further said Nigeria, though committed to the deal, would have to get to a predictive level of comfort to voluntarily join in the production cut.

- Advertisement -

”We’ll still have below the benchmark set for us by OPEC and I think that over the next one or two months, hopefully, we can get to that point when we can say the recovery has been tested, is systemic, and predictable,” he added.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:2017 BudgetKachikwuOil Market
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Brazil Jails Former President Lula Da Silva Over Corruption
Next Article Ozil Reveals Desire to Stay at Arsenal

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

President Tinubu and Top Officials Attend Eid-el-Kabir Prayers in Lagos, Emphasize Peace and Progress
News
Elon Musk’s Net Worth Plummets $34 Billion Amid Explosive Feud with Donald Trump
International
BREAKING: Akwa Ibom Governor Pastor Umo Eno Defects from PDP to APC in Strategic Political Shift
Politics Top stories
BREAKING: Former Chief Justice of Nigeria, Mohammed Uwais, Passes Away at 89
News Top stories
Russia Launches Deadly Drone and Missile Strikes Across Ukraine Following Ukrainian Attacks on Russian Bomber Fleet
International
- Advertisement -
Ad imageAd image

You May Also Like

Top stories

MTN Nigeria Doubles ICT Industry Average with 41.4% Female Workforce Representation

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
News

Lagos Commuters Endure Severe Gridlock as Pre-Sallah Activities Paralyze Major Routes

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Nigeria GDP Growth, Nigeria renewable energy
NewsTop stories

Sallah 2025: Tinubu’s Economic Optimism and Nationwide Security Measures Highlight Nigeria’s Eid Celebrations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?