As we write, the Nigerian Government is still hell-bent on a crude oil benchmark price of $65 despite Brent Crude trading for under $50 in the past few days. Whilst Nigeria dithers, Reuters report Angola’s cabinet has already asked parliament to revise down budget benchmark from $81 to $40. The slash is obviously in response to the plummeting of oil prices and is expected to slash $14billion of the country’s revenue.
In what you would expect from its leader, President Jose Eduardo dos Santos said in a public address to the nation on Dec. 29 that 2015 would be “difficult economically” and some public spending would have to be cut, including on fuel subsidies and infrastructure projects.
Source: Reuters
