ABUJA (Reuters) – Nigeria’s financing priest has suggested reducing the presumed benchmark oil cost for the country’s 2015 budget to $73 each barrel from the $78 recommended in September, because of the recent sharp autumn in global crude prices. Ngozi Okonjo-Iweala stated on Sunday falling oil rates would certainly influence Africa’s largest economic situation as well as top oil manufacturer, needing the federal government to cut non-essential investing and also elevate more revenues. “The benchmark we recommended already was not practical,” Okonjo-Iweala informed reporters in Abuja. “We assume that meanwhile, permit us bring the benchmark cost down to $73 then have a collection of additional steps to make sure that at each price it is up to, we would certainly be able to start proper actions to keep this economic situation going,” she claimed. Brent crude rates, the index versus which Nigeria’s oil is valued, has actually fallen even more compared to 30 percent considering that July. Nigeria depends on unrefined exports for over 70 percent of federal government earnings. The fall has triggered a selloff in Nigeria bond and stock exchange, harming the neighborhood naira currency which is down virtually 8 percent this year even with the central banking spending billion of bucks of reserves to protect it.Budget, Tax & & EconomyPolitics & GovernmentNigeriaoil pricesNgozi Okonjo-Iweala