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.

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.