Falling Oil Price! Desperate Situations Calls for Desperate Measures...

The Federal Government has reduced the crude oil benchmark for the  budget due to the effect of the falling crude oil prices. The benchmark that was earlier fixed at $78 per barrel, has been cut down to $73 as a result of the continuous drop in crude oil prices on the international market.

In the words of the Minister of Finance, Dr Nozi Okonjo-Iweala;

 "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".

Stated below are some measures put in place by the Federal Government to manage the present situation;

• There would be no more foreign travels by civil servants, except where such travels can be defended as absolutely necessary. 
• Foreign training programme will be stopped with immediate effect, with all trainings done in-country, except where foreign sponsorship is secured for such trainings. 
• Duplications amond the functions of the Ministries, Departments and Agencies (MDAs) will be eliminated. 
• Private jets, yachts, champagne and a list of other luxury goods will be aggressively taxed, as a way of creating an avenue for wealthy Nigerians to share their wealth with those at the lower level of the ladder.

The Federal Government has introduced some austerity measures and has reduced the crude oil benchmark for the 2015 budget in order to insulate the economy against the effect of falling crude oil prices.

Read more at: Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS

The Federal Government has introduced some austerity measures and has reduced the crude oil benchmark for the 2015 budget in order to insulate the economy against the effect of falling crude oil prices.

Read more at: Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS

Published On: Mon, Nov 17th, 2014 News | By Reporter like us on Facebook & Twitter Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets Okonjo-iweala-214x300 The Federal Government has introduced some austerity measures and has reduced the crude oil benchmark for the 2015 budget in order to insulate the economy against the effect of falling crude oil prices. The oil benchmark for the 2015 budget earlier fixed at $78 per barrel has been cut down to $73, as crude oil prices continue to drop on the international market. As far back as Thursday, last week, the price of OPEC basket of twelve crudes stood at $75.15 dollars a barrel, and there are indications the fall would continue this week.

Read more at: Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS

Published On: Mon, Nov 17th, 2014 News | By Reporter like us on Facebook & Twitter Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets Okonjo-iweala-214x300 The Federal Government has introduced some austerity measures and has reduced the crude oil benchmark for the 2015 budget in order to insulate the economy against the effect of falling crude oil prices. The oil benchmark for the 2015 budget earlier fixed at $78 per barrel has been cut down to $73, as crude oil prices continue to drop on the international market. As far back as Thursday, last week, the price of OPEC basket of twelve crudes stood at $75.15 dollars a barrel, and there are indications the fall would continue this week.

Read more at: Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS

Published On: Mon, Nov 17th, 2014 News | By Reporter like us on Facebook & Twitter Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets Okonjo-iweala-214x300 The Federal Government has introduced some austerity measures and has reduced the crude oil benchmark for the 2015 budget in order to insulate the economy against the effect of falling crude oil prices. The oil benchmark for the 2015 budget earlier fixed at $78 per barrel has been cut down to $73, as crude oil prices continue to drop on the international market. As far back as Thursday, last week, the price of OPEC basket of twelve crudes stood at $75.15 dollars a barrel, and there are indications the fall would continue this week.

Read more at: Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS

The Federal Government has introduced some austerity measures and has reduced the crude oil benchmark for the 2015 budget in order to insulate the economy against the effect of falling crude oil prices. The oil benchmark for the 2015 budget earlier fixed at $78 per barrel has been cut down to $73, as crude oil prices continue to drop on the international market. As far back as Thursday, last week, the price of OPEC basket of twelve crudes stood at $75.15 dollars a barrel, and there are indications the fall would continue this week.

Read more at: Falling Oil Prices: FG Stops Foreign Travels By Civil Servants, Increases Tax On Champagne, Private Jets | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS