Business Falling Oil Prices: 'Tougher Times Ahead for Nigerians' - Okonjo-Iweala

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Minister of Finance, Ngozi Okonjo-Iweala, has advised Nigerians to brace themselves for tougher economic times said as crude oil prices continue to fall, Premium Times reports.

She says Nigeria would soon begin to feel the impact of the dropping oil prices at the international oil market, which commenced since the first half of the year.

“The country must brace up for tougher times ahead”, she said. “We need to review our expenditures and build economic buffers through budgets that would be based on modest oil prices.”

She underlined the importance of a sound macro-economic management to Nigeria at this time, particularly the need to plug all revenue leakages.

“We have not yet seen the impact of the falling oil prices in Nigeria. It will start this month. We have to drive the non-oil revenue base to be able to weather the storm that is coming,” the Minister said.

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