Oil prices have fallen from about $55 a barrel since the
beginning of the year to around $36-$37 and Mr Buhari said that of the
3.9 trillion naira revenue forecast for 2016, just 820bn will come from
crude.
Mr Buhari said: "This huge decline is having a painful
effect on our economy. Consumption has declined at all levels. In both
the private and public sectors, employers have struggled to meet their
salary and other employee related obligations."
The...
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