By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria on Thursday cut its oil price assumption in its 2015 budget by 11 percent to $65 per barrel from $73 following world declining oil prices according to a spokeswoman of the Ministry of Finance a Reuters report said.

This is the second time the benchmark oil price of the nation has been cut after being lowered from $78 per barrel.

According to the Reuters report, the spokeswoman gave no further details but said the nation’s Minister of Finance was working on making details available through a statement.

Oil forms Nigeria’s 90 percent government revenue source; this have been affected by dropping global oil prices.

The funds derived from oil money in Nigeria is distributed between three tiers of government — local, state and federal, with the federal portion being used to fund finance ministry budgets, along with tax receipts, the report affirmed.

This is coming on the heels of proposed austerity measure by the country; which made the Central Bank of Nigeria (CBN) devalue the naira by 8 percent and raised interest rates sharply last week by 13 percent in order to check losses to its foreign reserve and defend the nation’s local currency against world sliding oil prices.