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FG Seeks To Cut Crude Oil Benchmark As Prices Nosedive In Global Market

Nigeria's minister of Finance, Ngozi Okonjo-Iweala

From Ganiyu Nasirudeen

Against the backdrop of backward trend of the crude oil prices in the global market, the Federal Government has announced resolve to address the issue with a view to shield the country’s economy from the imminent and attendant negative impacts.

In line with this, Minister of Finance, Dr.Ngozi Okonjo-Iweala, hinted Sunday at a press briefing in FCT Abuja, a review of the country’s crude oil benchmark – proposing $73 per barrel as against the current $78 per barrel earlier input in the 2015 budget proposal.

She announced that the request would be sent to the National Assembly for consideration and subsequent approval.

Dr. Okonjo-Iweala, explained that the emerging trend in the global oil market which put at about $74 barrel per barrel as at last Friday and the initiative about to taken by the government was to revise the Medium Term Expenditure Framework, (MTEF) as well as safeguard the Nigerian economy.

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