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Falling Oil Prices Force Nigeria to Raise Taxes, Make Cuts

A barrel of oil now costs just under $80, and for Nigeria, that's a problem. Oil makes up 83 percent of the country's exports, and 70 percent of the revenue in Africa's largest economy. But months before the February presidential election that will see incumbent Goodluck Jonathan stand for a second full term, oil is now trading at its lowest price in four years. Finance Minister Ngozi Okonjo-Iweala announced over the weekend a raft of measures the government would take...

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