The Nigerian government expects to earn Naira 820 billion ($4 billion) from oil exports in 2016, based on a production assumption of 2.2 million b/d and a benchmark price of $38/barrel, President Muhammadu Buhari said Tuesday. This compares to this year’s projected oil earnings of N3.9 trillion ($19 billion) which was predicated on output of 2.28 million b/d and a price assumption of $53/b — which was not realized, as global oil prices plummeted to a multi-year low while Nigeria’s production suffered from theft and the lack of new investment. Presenting the 2016 budget proposal of N6.08 trillion ($30.1 billion) to parliament, Buhari said the sharp decline in oil earnings meant the government would need to restructure the oil and gas sector, to check corruption and inefficiencies. The president also said he had directed the state oil firm Nigerian National Petroleum Corp. to explore alternative funding to enable it […]