Business President Jonathan to Cut Petrol Subsidy by Half in 2015

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LequteMan

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Nigeria is planning to cut subsidies on petroleum products by half next year after continued fall in global oil prices spurred the government to revise its 2015 budget downwards, data from the revised budget reveals.

According to REUTERS, President Goodluck Jonathan submitted the revised budget figures to lawmakers this week, proposing to spend 458.68 billion naira ($2.59 bln) on petrol subsidy in 2015, down from 971.14 billion naira presented for 2014.

It also assumed further cuts to petrol subsidies in 2016 to 408.68 billion naira and 371.18 billion naira for 2017.

Finance Minister, Ngozi Okonjo-Iweala said that declines in the price of oil, which has lost almost 30 percent since July, would impact the country's economy, requiring the government to cut non-essential spending and raise more revenues.

#Nigeria #Petrol

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