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

Minister of Finance, Okonjo-Iweala (left), Accountant General of the Federation, Jonas Otunla (middle)

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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