Crude oil surpasses benchmark budget, sells at $39.50

Global crude oil prices finally surpassed Nigeria’s budgetary benchmark, yesterday, trading above $39 per barrels. This came as experts on the economy have cautioned the Federal Government to be frugal with the revenue accruing from the rise in oil price, so as to steer the country from the current economic downturn. The price of Brent… Read More Crude oil surpasses benchmark budget, sells at $39.50

Crashing crude price causes large budget deficit in Saudi Arabia

Saudi Arabia’s budget deficit soared to $98bn (£65.7bn) this year as the world’s biggest oil exporter counted the cost of falling crude prices. In the first budget under King Salman, the kingdom said revenues reached 608bn riyals (£108.7bn; $162bn), down 15% on official expectations. Spending for the year hit 975bn riyals, some 13% more than… Read More Crashing crude price causes large budget deficit in Saudi Arabia

Senate to approve supplementary budget of N465.6billion next week

Strong indications emerged yesterday that the Senate will next week pass the 2015 supplementary appropriation bill of N465, 636,926,857 billion. The 2015 Supplementary Appropriation Bill passed the second reading yesterday after it was presented for consideration by Senate leader, Senator Ali Ndume, APC, Borno South. In his lead debate, Senate leader, Senator Ali Ndume said… Read More Senate to approve supplementary budget of N465.6billion next week