2015 Budget: No Plan To Review Oil Benchmark -Okonjo-Iweala

Posted by African Examiner Featured, Latest Headlines Tuesday, January 20th, 2015

Ayodele Afolabi, Abuja – The Minister Of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, said on Tuesday said that the Federal Government had no further plans to review the oil benchmark for the 2015 budget.

Nigeria’s Minister of Finance Dr Ngozi Okonjo-Iweala

President Goodluck Jonathan had proposed $73 per barrel of oil in the budget estimate he laid before the National Assembly through the minister of finance late last year.

But the minister’s spokesperson, Paul Nwabuikwu in a statement issued in Abuja said despite the price volatility in the international oil market, Federal Government will not take any hasty decision to slash the benchmark.

The statement said: “We are not reviewing the budget benchmark price at the moment. The price of oil is still quite volatile and we do not know how it will pan out.

“We are taking a scenario-based approach in handling the 2015 budget.”

According to Nwabuikwu, there are additional measures to take care of the sliding oil prices.

He also said that the Medium Term Expenditure Framework was currently at the National Assembly.

“We have been working together with our lawmakers to ensure that we steer the country in the right direction during this period,” Nwabukwu said.