Nigeria’s politicians are currently embroiled in discussions over how to appropriately manage and utilise excess profits from its oil industry. Oil is the most crucial pillar upon which the Nigerian economy depends and the country would be in poor position to weather a fall in oil prices were there to be a renewed global economic downturn.
The 2012 budget originally submitted to parliament by President Goodluck Jonathan in December 2011 provoked controversy by setting the benchmark price at $70 per barrel………………………………………..Full Article: Source