NIGERIA SEES OIL HITTING MID-$60S IN COMING MONTHS AS OPEC BITES

Crude oil prices hovering around $55 a barrel since early December, will climb by about $10 in the coming months, as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said. “Ultimately, the effects over the next few months will get us to where we want to be, which is in the mid-$60s.”

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NNPC ADVOCATES QUICK REFORM TO MITIGATE OIL REVENUE EROSION

The Nigerian National Petroleum Corporation (NNPC) has proposed immediate reforms that would reduce Nigeria’s seeming over reliance on oil revenue to offset over 85 per cent of her national expenditure.

 NNPC explained that a structural reform of Nigeria’s public finance model to insulate her oil industry from serving as a source of economic rent instead of an economic enabler to all other sectors of the economy, should first be pursued by the federal government now that the global price of crude oil is at a low ebb.

 

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