Nigeria: Time for Prudent Spending

23 November 2008
editorial

Lagos — Ahead of the eventual presentation of the 2009 Budget to the National Assembly has come the news that governors of the 36 states of the Federation have agreed with the Federal Government over the benchmark crude oil price for the 2009 budget.

From the demand of $50 per barrel, the governors finally accepted that the proposal for $45 per barrel is more realistic. With wide spreading recession and tumbling oil prices, it was surprising that the governors who have finance commissioners and economic advisors had to wait to be convinced at last week's economic council meeting.

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