CRUDE OIL PRICE DROPS BELOW NIGERIA’S BUDGET BENCHMARK

For the third time, the price of crude oil has dropped below the Federal Government’s benchmark for 2015 budget, signaling another possible downward review. 

Nigeria has changed its benchmark twice in the last few weeks, from $78 to $73 and lately to $65. The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes, including Nigeria’s Bonny Light stood at $62.33 a barrel Wednesday, compared with $63.78 it recorded the previous day.

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