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“FG Reviews Oil Benchmark To $65/bl, Resubmits MTEF” – Okonjo Iweala

The federal government, yesterday, again resubmitted the 2015-2017 Medium Term Expenditure Framework (MTEF) with a revised oil benchmark of $65 a barrel, effectively slashing next year’s budget by another 12 per cent, in the face of dwindling oil prices.

This move is coming barely two weeks after it revised the 2015 budget oil benchmark price from $78 to $73, the

Oil prices have dropped more than 30 per cent since June, although Light Brent crude rose 44 cents to $70.98 a barrel in yesterday’s trading, while the US’ West Texas Intermediate (WTI) rose by 67 cents to $67.55 a barrel.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who revealed the second revision of the 2015 budget benchmark, on Tuesday night, said the new benchmark price of $65 per barrel had been approved by President Goodluck Jonathan and a revised expenditure framework for the next three years was resubmitted on Wednesday to the parliament for approval.

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