Nigeria to cut budget in face of oil price crash -finance minister


ABUJA (Reuters) – Nigeria will cut size of its budget in the face of sharp declines in the price of crude oil, the nation’s finance minister told reporters on Monday.

Zainab Ahmed, speaking in Abuja after a meeting with President Muhammadu Buhari, said a committee including herself, the minister of state for petroleum, the head of state oil company NNPC and the central bank governor would determine the size of the budget cut in the coming days and revisit the benchmark crude oil price of $57 a barrel used to calculate the budget.

Benchmark Brent crude futures were down 19.5% at $36.43 a barrel by 1449 GMT.

Previous articleNaira buried in black market price despite oil plunge
Next articleDethroned Sanusi deported to Nasarawa State as Aminu Bayero elected as new Emir of Kano
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.