The Minister of Budget and National Planning, Udo Udoma, has allayed fears over the oil price benchmark for the 2019 budget.
There have been concerns by stakeholders that the 60-dollars-per-barrel projection was too ambitious considering the volatility of the international crude market.
But Udoma told a National Assembly joint committee hearing on the 2019 Appropriation Bill that there was no cause of alarm.
The minister, however, said the government was monitoring the oil prices as directed by President Muhammadu Buhari, and would work with the National Assembly for adjustment if the need arose.
Udoma also addressed doubts in some quarters over the oil production benchmark of 2.3m barrels per day seen as unrealistic.
He said the NNPC was already working in line with a presidential directive to take all necessary measures to achieve target.
“We actually have the capacity for about 2.5m barrels, and our projected production includes condensates which are not subject to limitations of OPEC.
“So, it is important we maximise our oil production now that it has good value, and we are on course,” he said.