Review of the Proposed Amendments to the 2020 Federal Budget

This Review is divided into eight parts. Part one is the executive summary containing the recommendations. Part two reviews the key assumptions including the oil benchmark price and production, GDP growth rate, the deficit, exchange rate and proposals for strengthening the Naira with diaspora remittances. Part three is on the revenue framework. The issues reviewed are independent revenue, minerals and mining, recoveries and fines, share of NLNG dividend and the debt challenge. Part four discusses petroleum related fiscal measures. These are the fuel subsidy, sourcing refined petroleum products, cost of oil production, outstanding $62.191billion Deep Offshore and Inland Basin Production Sharing Contract arrears as well as petroleum industry bills.

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