Nigeria Announces Budget Cuts

18 10 2008

Nigeria has announced major budget cuts following recent falls in the price of oil, after a special cabinet meeting.

Nigeria is one of the world’s biggest oil exporters, but a violent campaign in the main oil region has cut production by 20%. The oil price has fallen by more 50% in just three months and Nigeria relies almost exclusively on oil for its revenue.

The government had been expected to present its budget for 2009 to the national assembly next week.


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