Highlights President Buhari urges quick passage of oil reform bill Says amnesty program for militants to stay in place No U-turn on recently announced end to fuel subsidies Lagos, Nigeria — Nigeria’s President Muhammadu Buhari announced Oct. 8 in his 2021 budget proposal to parliament a lower output target and expected oil price benchmark for next year, as the OPEC member braces for reduced revenues from its key industry. Receive daily email alerts, subscriber notes & personalize your experience. Register Now For the purposes of revenue calculations in the 2021 budget, the Nigerian government is assuming oil production of 1.86 million b/d, including condensate output of between 300,000 b/d and 400,000 b/d, and a benchmark oil price of $40/barrel, the president said. This compares with a 2.3 million b/d oil output target set for this year by the government, although output up to June averaged just 1.88 million b/d. […]