Monday 27 October 2014

SUSTAINED DROP IN OIL PRICE WILL NECESSITATE PAINFUL MEASURES

SUSTAINED DROP IN OIL PRICE WILL NECESSITATE PAINFUL MEASURES
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has warned that a sustained drop in the price of crude oil will force the federal government to adopt painful cost-cutting measures.

In an interview with the London-based Financial Times (FT) newspaper, the minister said: “We will have to look very hard at recurrent expenditure, and identify overlapping agencies. When the price is heading down, everyone sees the necessity but that doesn’t stop them from hating you.”

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