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Vol 49 No 22

Published 31st October 2008


Economy: Trouble in the markets

Watching oil prices fall from US$147 a barrel to $57 over the past month and listening to endless media speculation about his health must have been disconcerting for President Umaru Musa Yar’Adua. Yet on 30 October, he showed little sign of unease. He announced the sacking of 20 cabinet ministers and then sent the Finance Ministry’s Permanent Secretary, Stephen Oronsaye, to assure a banking conference that Nigeria would weather the damage wreaked by the global financial crisis. The same day, Nigeria’s ThisDay obtained a draft budget produced by the un-sacked Finance Minister, Shamsuddeen Usman, totalling 2.67 trillion naira ($22.9 billion) for 2009, with projected revenues of N4.56 trillion, based on a conservative oil price of $45 a barrel.

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