Okonjo Iweala says FG is Scaling down Crude il Benchmark for 2015 Budget

The Federal Government, yesterday, introduced some austerity measures and scaled down the crude oil bench mark for the 2015 budget.

In a bid to insulate the economy from falling crude oil prices the federal government announced far-reaching policy measures to deal with the crashing crude oil prices, cutting 2015 oil benchmark from $78 to $73 per barrel. Crude oil prices dropped to $77.76 per barrel, some cents below the $78 earlier proposed to the National Assembly as bench mark for the 2015 budget.

The Federal Government, yesterday, introduced some austerity measures and scaled down the crude oil bench mark for the 2015 budget.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala told journalists in Abuja that the decision to cut revenue projection was part of measures designed to maintain economic stability, boost non-oil revenues further, plug loopholes and waste, as well as cut unnecessary expenditures in order to cope with the situation.

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