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LequteMan
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Following continued fall in global oil prices, the federal government of Nigeria is considering a further slash in the oil benchmark for 2015 budget from the current $73/barrel, to a lower price. Punch reports:
A top official in the Budget Office of the Federation told our correspondent that the Economic Management Team would be meeting to discuss the new development with a view to further reducing the budget benchmark.
The source, who pleaded not to be named as he was not officially permitted to speak on the matter, said since oil price had fallen below the revised $73 per barrel price which was sent to the National Assembly by President Goodluck Jonathan, anchoring the budget on such framework was not sustainable.
The source said it would be suicidal for the government to leave the oil price benchmark at $73 per barrel considering the fact that the price of oil my further decline.
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#Nigeria #Oil
A top official in the Budget Office of the Federation told our correspondent that the Economic Management Team would be meeting to discuss the new development with a view to further reducing the budget benchmark.
The source, who pleaded not to be named as he was not officially permitted to speak on the matter, said since oil price had fallen below the revised $73 per barrel price which was sent to the National Assembly by President Goodluck Jonathan, anchoring the budget on such framework was not sustainable.
The source said it would be suicidal for the government to leave the oil price benchmark at $73 per barrel considering the fact that the price of oil my further decline.
click here to read more
#Nigeria #Oil
