The
Nigerian government has slashed the amount that it would pay for petroleum
subsidies in 2015 by N771 billion to N200 billion, with the hope that landing
costs of oil products would continue to drop as oil prices drop.
The
N200 billion which is against N971 billion paid in the current 2014 fiscal
year, is contained in the 2015 budget proposal awaiting appropriation before
the National Assembly.
Government
is also proposing to draw down about half a billion dollars (N80 billion) from
the Excess Crude Account (ECA) and borrow N570 billion to finance the 2015
fiscal deficit put at 0.79 percent, which is however down from 1.24 percent
this year.
This
comes as
