The current Oil price has dropped below the $8 a barrel benchmark going by the 2016 budget proposal submitted to the National Assembly by President Muhammadu Buhari based on $38/barrel.

President Buhari pegged the oil benchmark at $38/ barrel but the gap currently is about 21 per cent of the amount proposed.

Crude oil prices lost more than 2 per cent on Tuesday,January 11 extending a relentless selloff to trade within cents of $30 a barrel for the first time in 12 years on concerns about fragile Chinese demand and the absence of restraint in global production.
Analysts from some major banks have cut their 2016 oil forecasts to as low as $10 per barrel.

Benchmark Brent crude fell to a low of $30.43 per barrel, a level not traded at since April 2004. It was at $30.65, down 90 cents, at 11:43 a.m. EDT (1643 GMT).

U.S. West Texas Intermediate crude(WTI) fell to a low of $30.10, which was last seen in December 2003, and last fetched $30.26, down $1.15.
Crude firmed in early trade after a deadly suicide bombing rocked central Istanbul. Traders said support also came after Nigeria’s oil minister commented that a “couple” of Organisation of the Petroleum Exporting Countries (OPEC) members had requested an emergency meeting.

http://www.financialwatchngr.com/2016/01/14/oil-price-dips-below-2016-budget-benchmark-by-8/

K

Wow

This one pass "kindergarten presidency" oh!

We need NOI fast. Please beg her to come back.

Meanwhile, where is Amaechi
This is why NOI was shouting SWF!!!
You Amaechi and your governors' forum took NOI & FG to court to share money

This is not news.. They were warned.. It will dip further sef.. Soon, a bottle of beer might be more expensive than a barrel of crude oil




Check my signature for your breathtaking wallpapers and 3D wall panels, floors, ceilings and wooden blinds & floors..

Let see how they can bring us out of this mess . Meanwhile, i hope the recovered stolen money are well kept.