TOUGH TIMES ahead for Nigerians, private jet owners, champagne drinkers

The falling crude oil prices have raised apprehension that Nigeria’s economy is going to suffer seriously next year. In a bid to save the economy from that shock, the federal government has introduced some austerity measures.

Crude oil prices have dropped from $78 which the National Assembly earlier proposed as the 2015 budget benchmark, to $77.76 per barrel.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala told journalists in Abuja on Sunday that the 2015 oil benchmark has been cut from $78 to $73 per barrel.

She said that the decision was aimed at maintaining economic stability, boost non-oil revenues further, plug loopholes and waste, as well as cut unnecessary expenditures in order to cope with the situation.

Apart from cutting to $73, the minister announced the following:

1.    No more foreign travels by civil servants unless for purposes that could be fully defended as absolutely necessary.
2.    Foreign training programmes to be stopped and all trainings done in-country.
3.    Eliminating of duplication among functions of the Ministries, Departments and Agencies, MDAs, by working on the Steve Oronsaye Report.
4.    Increasing non-oil revenue in the country
5.    Aggressive tax administration on private jets, yachts, champagne and a lot of other luxury goods
6.    Checking capital flight in the activities of corporate citizens and other individuals who were evading taxes

The minister however pointed out that Luxury Goods Tax was not to prevent wealthy Nigerians public from enjoying their wealth but to create an avenue for them to share with the poor.