2016 budget assumes oil output of 2.2m bpd at $38 a barrel

Nigeria’s 2016 budget assumes oil production of 2.2 million barrels per day at $38 a barrel, confirmed by the budget minister, Udoma Udo Udoma said on Friday, shortly after President Muhammadu Buhari signed the delayed bill into law. Senator Udoma made the comments while briefing State House correspondents.