Again, Nigeria adjusts oil benchmark as price fall continues

Ngozi Okonjo-Iweala

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 PREMIUM TIMES on Thursday that the new proposal has already been sent to the National Assembly for approval.

The proposal was sent Wednesday, he said.


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  • Scalywag

    Those who should know have been asserting that the revenue accruing to Nigeria from 1999 to until recently has superceded all other accruals since independence. Sadly most of it was lost to common stealing. All that the average nigerian has experienced has been increasingly tougher times. These oil revenues were hardly invested in the development of the country. Now the economy is getting out of control due to loss of oil revenues. And this is happening in an election year. Let us think before we vote

  • Truthometer

    They better adjust it to $30 per barrel. Oil is coming down, sis! Why is pump price still expensive in Nigeria, despite the free fall of the commodity price at the international market? Dull heads and criminals are running Nigeria.

  • Wähala

    What did they do with the money when price of oil was $108/b?
    What did they do with all the money they inherited in our Foreign Reserves which stood at $60bn?
    What did they do with our savings in the ECA for rainy days like these which is now less than $4bn?
    For 5years, Dumbo’s Govt. has not been implementing the full budget, an impeachable offence yet, they cannot account for $10.8bn even Dr. Iweala agreed is missing from our federation account. This is December, she promised in London last month that the forensic report on the NNPC would be released that month… wey’am nah? When Gov. Amaechi said “Nigeria is broke”, this Govt. and pfools attacked him with machetes. Una neva see Oba! Let the price drop to $10/barrel, afterall, pump prices remain high in Nigeria and the money is being stolen by Dumbo and his goons. Until Civil Servants go on strike for non-payment of salaries and close down this Govt… dem no go hear the peoples’ cry for help. Chop alone, quench together. Animals!

    • King Carlos

      True talk

  • Dankasa

    Our Oil!!!!!!!!

    • Scalywag

      Don’t worry. We will use our oyel to fry our fish

  • Peter Irene

    Let it go to 10 dollars, what did they do with its proceeds when it has always been above one hundred dollar. The whole country is still in darkness they all shared it amongst families and friends. He who is down fear no fall. Let the Nigerian people go back the stone age where we are. No water, no light, no hospitals no good rood , nothing

    • T

      They didnt still the money, they shared it to all the indigenes of South East and Niger Delter, as u can see they are the only people that are happy with the economic situation

  • T

    NO shaking Nija for worst Jona for life

  • Otile

    Are the Senators and Reps not going to adjust their jumbo pay to reflect reality? Whom do they want to carry the burden over perpetual for them?

    APC has been touting Tambuwal as a good man, it would be nice if he calls on his colleagues in the House to adjust their jumbo pay. For them to be receiving that jumbo pay every month is like a fat rich man eating his steak in from of starving people.

  • Otile

    Are the Senators and Reps not going to adjust their jumbo pay to reflect reality? Whom do they want to carry the burden of perpetual poverty for them?

    APC has been touting Tambuwal as a good man, it would be nice if he calls on his colleagues in the House to adjust their jumbo pay. For them to be receiving that jumbo pay every month is like a rich fat man eating his steak in front of starving people.

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