Nigeria has adjusted its oil benchmark from $73 to $65 per barrel, less than two weeks after the government reviewed the threshold from $78, in an ambitious attempt to counter one of the most serious price falls in seven years.
On Thursday, crude oil price stood at $67.31 per barrel, lower than the $73 the government requested its National Assembly to approve late November.
The Minister of Finance, Ngozi Okonjo-Iweala, had said that the benchmark would be reviewed further if the price of oil continues to fall.
Her spokesperson, Paul Nwabuikwu, confirmed to newsmen on Thursday that the new proposal has already been sent to the National Assembly for approval.
The proposal was sent Wednesday, he said. Click to signup for FREE news updates, latest information and hottest gists everyday
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Fellow Nigerians the fall in oil price is very good. My prayer is that oil should be sold for $1 per barrel in the international market. This will allow Nigeria to look inwards. It would also make resource control by the state possible. The oil supposed to be a blessing but it is somehow a curse. Nigerians will suffer in the beginning and if they have learnt their lesson, Nigeria will bounce back for better. O Lord make petroleum a useless commodity in our world and save Nigeria
ReplyDeleteNote that No Country has ever developed with what is coming from the ground.. We are people with breeding and brains. until we shall learn to hold on to our economy and develop our country we will never gets to the promiseland. Its a pity that we couldn't turn this opportunity to a right.due to poor leadership.
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