Nigerian President Rejects Currency Devaluation
Monday, 22nd February 2016
Nigeria's President, Muhammadu Buhari, has reiterated that the country will not devalue its national currency, the naira, in spite of the fact that it has dropped on the secondary market to the level of 360 per $1 in mid February.
India to Spend all $4.5b Budgeted for Petroleum Subsidies despite Oil Plunge
Tuesday, 12th January 2016
India is likely to spend all of its $4.5b originally earmarked for petroleum subsidies for the year through March, despite having budgeted for $70 a barrel rude that now costs around $30.
35% Savings on Petroleum Subsidies Due to Oil Prices Decline
Monday, 12th January 2015
Savings on petroleum product subsidies will reach an estimated 35% of the current value of EGP 100 billion for the FY 2014/2015 budget if current oil prices continue as is, Minister of Petroleum Sherif Ismail said.