[Reduced Crude Oil Subsidy] Will Nigeria Increase price of Petrol in 2015?

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards, data from the revised budget seen by Reuters showed on Friday.

President Goodluck Jonathan submitted the revised budget figures to lawmakers this week, proposing to spend 458.68 billion naira ($2.59 bln) on petrol subsidy in 2015, down from 971.14 billion naira presented for 2014.

It also assumed further cuts to petrol subsidies in 2016 to 408.68 billion naira and 371.18 billion naira for 2017.

Nigeria's finance minister has proposed lowering the assumed benchmark oil price for the country's 2015 budget to $73 per barrel from the $78 proposed in September, after global crude prices collapsed.

Gist: http://af.reuters.com/article/investingNews/idAFKCN0J604220141122

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