OIL PRICES: President Jonathan assures Investors of stable economy.

By Post Nigeria December 6, 2014 11:41

OIL PRICES:  President Jonathan assures Investors of stable economy.

President Jonathan on Thursday while receiving officials from General Electrics in his office said that despite the fall in Oil Prices his administration was taking necessary steps to bail out the economy and that these steps before long will meet the expectations of Nigerians and foreign investors.

The Nigerian economy is currently being weighed down by the global slump in oil prices.

In the last couple of days, the government has taken some stringent measures to ensure that the brunt of the collapse of oil prices is diffused to the barest minimum.

While addressing the CEOs of the 100 most successful companies in Nigeria, the President ordered all ministries to contribute their quota, to ensure that the economy suffers no further shocks.

The Federal Inland Revenue Service, FIRS, had taken heed to the president’s order, and began to visit companies in Abuja, capital of Nigeria, who were defaulting on their taxes, and closed down those who were guilty of evasion.

The minister of Finance, while speaking about the 2015 fiscal budget, stated that the government has made plans to further reduce recurrent expenditure, and has reduced its benchmark for crude oil to $65 per barrel.

Ms. Iweala in her speech said that her ministry had taken a proactive measure of preparing various plans, and projections, in anticipation of further drops in the global crude oil market.

The President while speaking to the GE officials, urged foreign investors to continue to repose confidence in the ability of the Nigeria Government to weather the storm occasioned by the Global oil crash.

“We promise our people that even with the drop in oil prices, the economy will be stable.

“I assure you, other investors in this country and all Nigerians that the government will do everything necessary to stabilize the economy and that the drop in the price of crude oil will not create so much distortions in our economy.” He said.

He welcomed General Electric’s, decision to set up an oil and Gas components manufacturing Plant in Calabar, Cross river state capital.