FG EXPRESSED FEAR OVER EFFECT OF FALLING OIL PRICES ON THE BUDGET

·         The Federal Government has expressed fresh worries over the continuous dwindling of oil prices and the possible effect on the implementation of the 2016 budget.

·         Minister of Budget and National Planning, Senator Udoma, Udo-Udoma told law makers that the government may be compelled to consider a downward review of the $38 oil benchmark for the budget.

·         Sen. Udo-Udoma said the review may come in June but did not disclose the new oil benchmark that may be settled for after its midterm review.

·         He said that the Federal Government will use the fall in oil prices as an opportunity to diversify the economy.

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