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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