Despite the fall in the crude oil price and the diminishing federal allocation, state governments insist that they would not review the $65 per barrel benchmark in their budget proposals for 2015. The global oil benchmark, Brent, against which Nigeria’s oil is priced, had tumbled below $58 per barrel, hitting its lowest levels since May 2009. Oil prices have been in steep decline since June 2014 as a result of slow demand growth and the United States’ oil boom, which has increased supply. As part of efforts to sustain the benchmark, some of the states are also considering ways of boosting their internally generated revenue.
Posted on: Sun, 11 Jan 2015 21:16:51 +0000
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