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Nigeria to Lower Oil Benchmark for Budget as Crude Falls

Nigeria plans to lower its assumed benchmark oil price for next year's budget by $5 per barrel to $73 and use reserves to meet ongoing government spending, its finance minister said on Sunday. Ngozi Okonjo-Iweala said a six percent drop in oil revenues following a world crude price decline would require the government to cut non-essential spending and raise more revenue. She said the revised medium-term expenditure plan, which is used in preparing the budget and must be approved by...

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