Nigeria’s 2016 budget had been submitted to the National Assembly in December by the President, with a benchmark of $38 less than the current crude oil price.
This price per barrel has triggered comments about how realistic the budget proposal of 6.07 trillion Naira, with 2.22 trillion Naira deficit and a crude oil benchmark of $38 was.
But on Monday, the Minister of Budget and National Planning in Nigeria, Senator Udo Udoma, tried to allay Nigerians fears, assuring them that the falling crude oil price would not affect the nation’s 2016 budget submitted with the oil benchmark of $38 per barrel.
Senator Udoma spoke at a meeting with members of the National Assembly Committee on Budget and Planning.
He told the lawmakers that there was a plan to cushion all shortfalls that may arise as a result of the drop in oil prices.
According to him, part of the plans would include concession of airports and re-introduction of toll gates on the nation’s highways.