PRICE OF OIL FALLS

Nigeria's Finance Minister Dr Ngozi Okonjo-Iweala, on thursday said the country from this month will feel the negative effect on oil price fall. She  said this  while speaking at Africa Financial Summit organized by the Institute of International Finance and Access Bank Plc.

It was noticed oil price started to drop mid this year globally. The Minister said Nigerians should  get themselves ready for tougher times yet to come and start reviewing its  expenditures and creating buffers through budgets that would be based on modern oil prices.

She also said sound macroeconomic management is crucial to Nigeria at this point in time and the government needs to do more to reduce all revenue leakages

"We have not seen the impact of the falling oil prices in Nigeria, it will start this month. We have to drive the non-oil revenue base to be able to weather the storm that is coming".- Okonjo-Iweala said

She said Nigeria will not be the only country to be affected, a large number of african countries depend on commodity  export as the main source of revenue for their economies would also be affected by the falling price of the commodity.