No panic over oil price slump –Minister

Due to to the widespread reactions that followed the announcement by the Federal Government that crude oil price might go further down, the Minister for Fi­nance, Dr. Ngozi Okon­jo-Iweala has assured that the effect would be effectively handled.



She  yesterday over criticisms that the trend would spell further economic hardship to Nigerians.

The minister was emphatic that: “We did every neces­sary thing, we took appro­priate steps to make sure we were not caught unawares. Economic management of a nation involves long term planning. We foresaw this happening when many na­tions started announcing oil find. So no one was caught napping because it is a trend that built up over time. When these signs, including the general trend of global down­ward economy started com­ing, including the technolog­ical researches for machines that don’t rely on petroleum products, everyone saw the signs clear and that is why we made adequate prepara­tions to make sure we handle the outcome effectively.

“For real, the prices of crude oil might go further down, just as it might re­bound, but we planned for the worse so that in a situa­tion there is no improvement in the near future.”