Due to to the widespread reactions that followed the announcement by the Federal Government that crude oil price might go further down, the Minister for Finance, Dr. Ngozi Okonjo-Iweala has assured that the effect would be effectively handled.
She yesterday over criticisms that the trend would spell further economic hardship to Nigerians.
The minister was emphatic that: “We did every necessary thing, we took appropriate steps to make sure we were not caught unawares. Economic management of a nation involves long term planning. We foresaw this happening when many nations started announcing oil find. So no one was caught napping because it is a trend that built up over time. When these signs, including the general trend of global downward economy started coming, including the technological researches for machines that don’t rely on petroleum products, everyone saw the signs clear and that is why we made adequate preparations to make sure we handle the outcome effectively.
“For real, the prices of crude oil might go further down, just as it might rebound, but we planned for the worse so that in a situation there is no improvement in the near future.” Click to signup for FREE news updates, latest information and hottest gists everyday
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