Nigeria’s Finance Minister, Dr. Ngozi Okonjo-Iweala, has given an assurance that the government has put strategies in place to deal with falling oil prices for as low as $60 dollars per barrel.
The Minister said the scenario-based approaches developed to cushion the unfavourable effects of the falling prices are comprehensive and supported by extensive consultations with global analysts such as the International Monetary Fund.
She said short to medium term strategies, mainly targeted at the poor and vulnerable, had been developed.
“People should not get fixated on the $73 dollars. It is just the midpoint of the range we have. If it falls to $70, we are ready with additional measures. We have organised a set of measures around $73 dollars. We have further measures at $65 and a third set of measures at $60,” she said.
Dr Okonjo-Iweala said part of the medium term strategy was a revenue target of three billion dollars over the next three years with substantial cuts on expenditure both recurrent and capital.
She, however, said the cuts would not affect priority sectors – infrastructure, health, education and security – that would focus on the poor and average Nigerians.
The Minister said the scenario-based approaches developed to cushion the unfavourable effects of the falling prices are comprehensive and supported by extensive consultations with global analysts such as the International Monetary Fund.
She said short to medium term strategies, mainly targeted at the poor and vulnerable, had been developed.
“People should not get fixated on the $73 dollars. It is just the midpoint of the range we have. If it falls to $70, we are ready with additional measures. We have organised a set of measures around $73 dollars. We have further measures at $65 and a third set of measures at $60,” she said.
Dr Okonjo-Iweala said part of the medium term strategy was a revenue target of three billion dollars over the next three years with substantial cuts on expenditure both recurrent and capital.
She, however, said the cuts would not affect priority sectors – infrastructure, health, education and security – that would focus on the poor and average Nigerians.
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