Nigeria: 'National Assembly Jerked Up Oil Benchmark to U.S.$60 to Fund Infrastructure'

28 January 2010

Lagos — More clarification have emerged as to why the National Assembly may have moved the oil price benchmark from earlier $57 to $60. First among the reasons is the planned mega spending on capital infrastructure.

The clarification is coming on the heels of a recent agreement between the National Assembly and the federal ministry of finance to increase planned budgetary spending for 2010 above the president's proposed $27 billion.

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