Wednesday , November 30 2022
Breaking News
Home / Business / Adeosun: We Don’t Care If Oil Prices Rise Or Fall

Adeosun: We Don’t Care If Oil Prices Rise Or Fall

Kemi Adeosun, minister of finance, says Nigeria has got to a point where it does not care if oil prices rise or fall.

In an interview with Bloomberg, the minister said the country had learnt to live with oil prices at $45-$46 a barrel.

As of 2pm on Friday, Brent crude, the international benchmark of crude oil was trading at $70.20.

US West Texas Intermediate (WTI) traded at $65.51.

“We’ve gotten to a point where we don’t care whether prices will be sustained at the level that they have recently risen to.

“We’ve been able to balance our budget at $45-$46 per barrel and we’ve got to learn to live comfortably at that level.”

The minister said Nigeria cannot afford to rely on oil prices anymore.

“Yes, it’s at $66-$67 per barrel today, but we’ve been here before, right?” she asked.

“And we can’t afford to be exposed to that, so I really try very hard to ignore the oil price.”

The oil benchmark for the 2018 budget is $45 per barrel.

For the first time in 45 years, the federal government has projected that non-oil revenue will surpass oil revenue in 2018.

It is also seeking to plug an infrastructure gap of $25 billion.

On this, Adeosun said: “The infrastructure gap is significant, it is far bigger than anybody had imagined, in power, in roads, in rail.”





Check Also

10 countries to participate in Calabar Carnival, says Commissioner

No fewer than 10 countries are expected to participate in the 2022 Annual Calabar Carnival, …

FIFA honours Nigerian journalist Kunle Solaja for covering nine World Cups

Mr. Kunle Solaja, Nigerian journalist and publisher of Sports Village Square, has been honoured by …

Social Media Auto Publish Powered By :