The Federal Government, yesterday, raised an alarm over the decline in the global crude oil prices, saying that it is already putting in place stricter measures to cushion the effect of the drop on the Nigerian economy. “Nigeria has two to three months of rainy day savings to cushion it while contingencies are put in place should world oil prices continue to fall,” Ngozi Okonjo-Iweala, Co-ordinating Minister for Economy told the Financial Times. Okonjo-Iweala disclosed that should oil price dip below $78, the country would have to draw down on the Excess Crude Account (ECA). She said, “Our intention is not to run in there and raid it, but even if prices continue to go down we can survive sufficiently for two to three months. That is the time needed to get other measures in place. What you don’t want is a hard landing.” “Our buffers are slimmer this […]