/ 23 July 1999

NIGERIA TO BOOST OIL OUTPUT

THE Nigerian government has decided to boost its oil production to 2,035-million barrels per day (bpd) from the current level of 1,82-million bpd, Information Minister Dapo Sarumi said on Wednesday. The decision follows the rise in the world price of crude oil to around 18 dollars, Sarumi said. Sarumi, speaking to reporters after a cabinet meeting in Abuja, said the move will be one of the measures to be announced by President Olusegun Obasanjo in his upcoming budget speech. Sarumi said the budget would be based on presumption of an oil price of 15 dollars a barrel, against the prediction of nine dollars a barrel seen in the previous budget.