Nigeria’s oil production has risen to 1.8 million barrels a day, Finance Minister Wale Edun told Reuters, generating fiscal breathing space that will allow the government to support vulnerable households as it ploughs ahead with reforms.
Speaking in an interview on Wednesday on the sidelines of the International Monetary Fund and World Bank Group spring meetings in Washington, Edun said rising crude production was positive for Nigeria’s revenue, for foreign exchange and for the fiscal situation of the OPEC member.
“It gives us that extra fiscal space within which to look at … helping the vulnerable households at this time.”
However, support would be targeted, said Edun, adding “there is no thought of any return or retardation to broad untargeted subsidies.”
The government was also committed to continuing its reform programme, said Edun.
“Nigeria is in a position where the resilience that has been built in the economy is actually very obvious for all to see.”