The Minister of Finance, Seth Tepker has when presented the 2014 Budget and Economic Policy to Parliament.
On public sector wages, the Minister said government seeks to bring the wage bill to the ECOWAS approved rate of 35% of wages to tax revenue.
Mr Terpker said events in the Middle East could have the potential of threatening the petrol-chemical industry and possibly weaken global aggregate demand for the country's oil and gas.
Mr Terpker said work on the second phase of the Jubilee field is ongoing.
He said as at the second quarter of this year, total receipt from the petroleum sector was 700.3 million dollars which is higher than the estimates contained in last year's budget.
He said GNPC has so far made five lifting’s at the Jubilee field which translates to 4.9 million barrels.
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