Ahead of the 2015 fiscal year, the Nigerian government has been asked to take preventive measures to revive the economy by balancing the International oil price at the foreign market.

The Chairman Senate Committee on Ecology and Environment, Senator Abubakar Saraki said there had been increased fall in oil price at the international market which the government should take urgent measures, to avoid weakening the economy.

"If Nigeria does not take a fast step to ameliorate the poor price of oil in foreign dealings, it will escalate unemployment and other social crisis that could be instigated by economic crisis," he stated.

Fall of oil price

Senator Saraki raised an alarm that the nation's revenue base was dwindling due to the fall of oil price in the international market.

"The persistent nature of the fall in oil price from $115 in June this year is an indicator that the Nigerian government should redirect its strategies to revive the nation from its economic challenges," he said.

"I'm of the view that we cannot continue to give the impression that it is business as usual. The fact that the fall in the international oil market price led to 25% lose since early June, means that our economy has lost over 25% of budget revenue estimates of the period as a result" Senator Saraki explained.

He suggested a speedy application of 'breaks' to avert further economic loss.

"The fact that the oil price continues to fall unabated means that it is not yet improving. We must now apply the breaks and act fast before they get out of hand," he stated.

Mistakes of previous price falls

"Our economy cannot fully withstand the current trend of the current oil market.

It is not our fault that the market is volatile, but it will be our fault if we don't learn from the mistakes of previous price falls, especially that of 2008.

We need to plan how to ease the pain for our people. This is not the time to paint over the rust, our discussions and choices now must be based on economics not politics," he stressed.

He said the statistical record of oil price has not favoured the nation's economy over the years, citing 2011 when the proposed oil benchmark price was $75 and the available price at the international market was $100 per barrel. He compared it with 2012 when it rose to $111.67 per barrel against a proposed price of $70.

"The current position to put the benchmark for oil price at $78 is inconsistent with the economic trend and attitude of the managers of our economy, which has shown in the past to be very wary of over optimistic benchmark assumptions. Rather, the most important step to take now is to have a more prudent conservative base," Senator Saraki added.

Senator Abubakar Saraki is a former Governor of Kwara State.