(Ecofin Agency) - Nigeria’s 3-year spending plan for 2017 approved by the Federal Government sees oil price benchmark at $42.50 per barrel and production at 2.2 million barrels per day.

According to Budget Minister, Udoma Udo Udoma (photo), the budget foresees oil production and prices increasing annually till 2019.

Nigeria’s economy has been destabilized by the decline in the prices of crude oil in the global market as well as by attacks in the Niger Delta region by militants. These factors have reduced oil production from the initial 2.2 million bpd to 1.5 million bpd since the beginning of this year.

Outlooks for 2018 and 2019 were at $45 and $50 a barrel respectively and a production of 2.3 million and 2.4 million barrels per day.

Nigeria budgeted 6.06 trillion naira for expenditure this year and an oil production of 2.2 million barrels per day at a price of $38 a barrel.

However, with the low oil prices trend the government has made efforts to finance the budget. The country is now in search of advisers to manage a $1-billion Eurobond it plans to offer this year.

The budget minister foresees Nigeria’s economic growth rate for 2017 at 3%, 4.6% for 2018 and 4.4% for 2019, compared to the 0.4 percent reduction recorded in Q1 of 2016, Reuters reports.

Anita Fatunji