ABUJA: Nigeria’s finance minister has proposed lowering the assumed benchmark oil price for the country’s 2015 budget to $73 per barrel from the $78 proposed in September, due to the recent sharp fall in global crude prices.
Ngozi Okonjo-Iweala said yesterday that falling oil prices would impact Africa’s largest economy and top oil producer, requiring the government to cut non-essential spending and raise more revenues.
Reuters
