Investor Presentaiton
Revised 2020-2022 Medium Term Fiscal Framework
2020
2020
2021
2022
In US$ Billions (unless otherwise stated)
as Passed NASS
Proposed Revision
Revised Projections
Revised Projections
Average Exchange rate (NGN/USD)
305.0
360.0
360.0
360.0
Projected Budget Benchmark Oil Price
57.00
25.00
35.00
40.00
(US$ per barrel)
Oil Production Volume Net Incremental for Arrears
2.18
1.90
1.93
2.22
Repayment (mbpd)
Total Revenue, o/w
27.6
15.4
19.1
23.0
Oil & Gas Revenue
(incl. NLNG dividends and Minerals & Mining and
12.1
3.8
5.6
8.1
Signature Bonus)
Non-Oil Revenue
15.5
11.7
13.5
14.9
Total Expenditure, o/w
(34.7)
(29.2)
(29.3)
(30.7)
Debt Service
(8.0)
(7.4)
(8.7)
(9.7)
Fiscal Balance (incl. GOES and Project-tied Loans)
(7.1)
(13.8)
(10.2)
(7.6)
Fiscal Balance (% GDP)
(1.5)
(3.6)
(2.6)
(1.9)
Sources of funding
7.1
13.8
10.2
7.6
Sale of FNG Property
0.4
0.3
I
Privatization
0.8
0.4
0.8
Bi-/Multilateral Project-tied Loans
1.1
1.1
0.7
230
0.7
0.3
I
Borrowing from Special Accounts
0.7
New Borrowings, o/w
5.2
11.6
8.3
6.3
Domestic Borrowings
2.4
6.1
4.2
3.1
Foreign Borrowings
2.8
5.5
4.2
3.1
Fiscal Balance (excl. GOES and Project-tied Loans)
(6.1)
Fiscal Balance (% GDP)
(1.3)
(12.7)
(3.31)
(9.6)
(7.3)
(2.4)
(1.8)
Note: (1) Under normal circumstances, the fiscal deficit is capped at 3.0% of GDP. Higher fiscal deficit was approved, on an exceptional basis under the FRA, due to the impact of COVID-19 on the economy.
Federal Ministry of
Finance, Budget and
National Planning
5
Source: Ministry of Finance, Budget and National Planning - Subject to Final ApprovalsView entire presentation