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THREAD: With the ongoing #COVID19 global pandemic coupled with the Saudi Arabia - Russia oil price "war", global crude oil prices have taken a major hit and Nigeria might be faced with harsh economic realities in terms of revenue and budget financing.
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With Nigeria's Bonny Light currently trading below $30pb, this huge decline amounts to about 60% fall in the previously benchmarked price in the 2020 approved budget. At $57pb, the government’s revenue target was about N2.64tn, a projection that is now impossible to achieve.
Inspite of the Federal Government's reviewed benchmark of $30 at 1.7million barrels per day, the resultant cut in revenue will no doubt have adverse effects on not just the economy, but also on the standard of living of Nigerians.
