BREAKING: As global oil prices slip, Nigeria to review benchmark

Ngozi Okonjo-Iweala

The Nigerian government will send a proposal to the National Assembly to review the crude oil benchmark in the Medium Term Expenditure Framework, MTEF, submitted recently for the 2015 budget, an official has said.

The Minister of Finance, Ngozi Okonjo-Iweala, said at a special media briefing in Abuja on Sunday that a proposal of $73 per barrel would be sent to for consideration and approval as against the $78 per barrel earlier proposed in the 2015 budget proposal.

The minister said in view of the sliding trend of crude oil prices at the international market, which stood at about $74 barrel per barrel on Friday, there was need to revise the entire proposals in the MTEF to ensure that the economy was not significantly impacted negatively.

Details later…


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  • _Proudly Niger Deltan

    In a 15th June 2010 report, BBC’s reporter, Caroline Duffield, described Nigeria’s Niger Delta as the ‘World oil pollution capital’ of the world.

    I searched frantically through Nigerian newspapers both off line & online, none reported it. While the media houses bask in that misplaced euphoria in reporting stories regarding corruption here and there, commensurate energy is never dissipated on issues relating to the incessant and continual pollution of my Niger Delta…True to the assertion by Late Gideon Orkar in their April 22, 1990 revolution: ‘…It is a deliberate desire to continue to plunder the resources of a people why attempting to make them eternal objects of servitude.

    Hear Caroline Duffield: “…On 12 May 2009, Shell’s Bomo manifold blew up, leaking massive amounts of crude… A second leak – from a derelict oil tap – had already been continuously spilling oil for years…Shell hired a local company to clean up, but the area remains an oil

    “It kills our fish, destroys our skin, spoils our streams, we cannot drink,” says Saturday Pirri, a local palm wine tapper…”I have no
    livelihood left.”

    “…The oil industry is accused of a sharp double standard in its operations – of taking advantage of Nigeria’s lack of environment law and weak regulation, while observing higher standards of safety and maintenance overseas…”

    The whole world MUST know that the people of the Niger Delta risk extinction. Since self preservation and protection/defense is the first law of nature, and consequent upon the fact that Nigeria & its media houses care less about the pollution in the Niger Delta , would anyone blame the indigent peoples for defending themselves and taking control of their resources(Destiny) by any means necessary including…? Certainly not!…and all you care about is oil prices and not my polluted ecosystem and near extinct Periwinkles. We shall see. Nonsense!!!

    • concerned9ja

      Thank God, ur son is the president. If Otuoke man does not care about his people, who fo you want to care for you. All ur sons know is about enriching their pockets in the name of resource control. Yet, u continue to blame other parts of Nigeria. Ask, the clueless one what has he done in N-Delta to deserve another four years. Sorry, he gave u a glorified secondary school in d name of a uni in his hamlet, Otuoke

      • Uvietesiri Jerry

        …after the South & East have spent 39yrs apiece like the North, then and then only can you juxtapose performance of Great Jona with any past ‘leader’ and ask whether he cares. For now, 5yrs is a far cry from Gowon’s 9yrs and IBB’s 9yrs.

        So you see, your nightmare has just begun.

  • Professor Damilohun

    Devaluation of the Nigerian Naira is imminent. At the black market it is now ₦173 to one U.S dollar.

  • Olutola

    when it was high did we enjoy anything? so what difference will it make other than more suffering, the same way our parents suffered and now their children. 2015 we will have to change something or something will change so that we can secure the future for our own children. You cannot lie to our parents, lie to us and expect we will do Nothing so you can continue to lie to our children.

  • emmanuel

    Tambuwal inept House Leadership blackmailed the Executive uptil early this year to adopt a higher benckmark amd the clueless Nigerians who operates like Football Coaches in viewing centres cheered him on for his grand standing (part of his Dossier for his attempt at APC presidential primaries) so na who nor get sense now?

    APC is her low self esteemed followers

    • concerned9ja

      If Nigerians are clueless that goes to show that the Otuoke clown is the Commander-in-chief of the Clueless. Can two walk together unless they agree, so the bible asks

      • emmanuel

        There is no relationship between your cluelessness and Jonathan being the C in C.

        Jonathan has proved over time that he is smarter than all your masters put together and that is why they keep shifting from one aspirant to another on weekly basis


    The diversification of the revenue base,the entire economy away from oil and gas is the key to future survival and as such MUST BE A PRIORITY OF ANY VISIONARY GOVERNMENT !!
    If Nigerians were subject to a compulsory ID card and data base,the revenue generation would expand astronomically. One American friend of mine who had been to Nigeria once told me that Nigeria would be one of the richest countries on earth if only there was an organised format for collecting taxes locally. ONLY THE POOR PAY TAXES IN NIGERIA, THE RICH OFTEN DODGE AND AVOID TAXES THROUGH FRAUDULENT MEANS AND TAX DODGING IS OF NO CONSEQUENCES IN A COUNTRY WHERE MANY LIVE,EARN LOADS OF MONEY,GROW OLD AND DIE WITHOUT PAYING TAXES TO THE STATE.