Nigerians should expect more depreciation of the prices of crude oil- Reps member

Tunde Akanbi Ilorin

A member of the House of Representatives, Doctor Abubakar Amuda-Kannike says Nigerians should expect a further depreciation in the prices of crude oil in view of the current happenings in the global market.

Doctor Kannike who is representing Ilorin East and Ilorin South Federal Constituency stated this in a telephone interview with VON while speaking on the 2016 budget estimate.

The Lawmaker argued that the lifting of sanctions imposed on Iran and its subsequent entrance into the global oil market would further cause a fall in crude oil prices.

He said the 2015 budget was predicated on $53 per barrel and production capacity of 2.8 million barrels per day while 2016 budget estimate was predicated on $38 per barrel with 2.2 million barrel production capacity per day.

Doctor Amuda-Kannike added that despite the shortfalls, 2016 budget was prepared with genuine intention which has also been affirmed by the President of International Monetary Fund (IMF), Ms Christe Largade when she visited Nigeria.

He said if achieved, the budget would turn around the economy and create jobs, describing it as a budget of change and reassurance.

Doctor Kannike appealed to his colleagues to ensure the passage of a budget that could achieve about 80% implementation.