Nigeria Signals Revenue to Plunge as Benchmark Oil Price Cut
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Nigeria lowered its budgeted oil price for a second time in less than a month, signaling government revenue is set to plunge in Africa’s biggest crude producer.
The medium-term budget plan for 2015 to 2017 will be based on an oil price of $65 a barrel, Paul Nwabuikwu, an Abuja-based spokesman for the Finance Ministry, said in an e-mail today. On Nov. 16, Finance Minister Ngozi Okonjo-Iweala cut the proposed benchmark price to $73 a barrel for 2015, down 5.8 percent from this year’s budgeted price.