December 3, 2015 – The international price of crude oil has crashed below the $40 mark and traded at $38.46 per barrel of OPEC basket of 12 crude at the close of business on Wednesday, Organisation of Petroleum Exporting Countries(OPEC) has said.
The price of crude oil sold for $39.30 at the international market a day before and crashed further on Wednesday, fueling fears about further plunge in the price of crude, which is Nigeria’s major source of income.
Continued fall in the price of crude oil has impacted negatively on Nigeria’ economy with a corresponding inability of most states in Nigeria to meet up with the monthly salary of workers, forcing the Federal Government to hand out money to affected states to liquidate staff salaries owed in excess of 7 months in some cases.
