The federal government has refuted the Bloomberg report that it has plans to review the benchmark for crude oil below $50 per barrel.
the report had read in part, “There are indications that the federal government may consider a further downward review of the budgeted benchmark oil price to below $50 per barrel.”
Bloomberg pointed to the permanent secretary, Ministry of Power, Godknows Igali, as disclosing the plan.
But minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala, refuted the report. “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 bottom out. We are taking a scenario-based approach in handling the 2015 Budget.
“That means that for various levels of oil price, we have additional measures both on the revenue and expenditure side which will kick in when it bottoms out,” she said.
Okonjo-Iweala said the Medium Term Expenditure Framework (MTEF) is currently at the National Assembly. She said, “We have been working together with our lawmakers to ensure that we steer the country in the right direction during this period.”
the report had read in part, “There are indications that the federal government may consider a further downward review of the budgeted benchmark oil price to below $50 per barrel.”
Bloomberg pointed to the permanent secretary, Ministry of Power, Godknows Igali, as disclosing the plan.
But minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala, refuted the report. “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 bottom out. We are taking a scenario-based approach in handling the 2015 Budget.
“That means that for various levels of oil price, we have additional measures both on the revenue and expenditure side which will kick in when it bottoms out,” she said.
Okonjo-Iweala said the Medium Term Expenditure Framework (MTEF) is currently at the National Assembly. She said, “We have been working together with our lawmakers to ensure that we steer the country in the right direction during this period.”
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