The Minister of Finance, Dr Ngozi Okonjo-Iweala, says the Federal Government has proposed a review of the oil benchmark from 77.5 dollars to 73 dollars for the 2015 budget. Okonjo-Iweala said this on Sunday in Abuja at a media briefing on government’s strategic response to the decline in global oil prices. She said the proposal would be sent to the National Assembly for approval, adding also that there would be review of the entire Medium Term Expenditure Framework (MTEF). The minister said government was adopting the best scenario approach to address the current situation, adding that there was expectation that the price decline would continue in the nearest future. She said government would adopt additional fiscal measures with appropriate monetary policy measures to cushion the effect of the decline on expenditure. According to her, government expenditure would drop from N4.8 trillion initially submitted to MTEF to about N4.6 trillion this time. - See more at: abujavoice/nigeria-cuts-oil-benchmark-to-73-per-barrel-over-falling-oil-price/#sthash.4JzjDU0w.dpuf
Posted on: Sun, 16 Nov 2014 21:22:28 +0000
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