Jump to navigation

Vol 61 No 8

Published 16th April 2020


Nigeria

Oil behaving badly

The clean-up of Delta oil spills is still being held up by feuding politicians, bureaucrats and businesses as low oil prices hit public finances

As oil prices crash to an 18-year low in the wake of the coronavirus pandemic, weakening global demand, and a price war, President Muhammadu Buhari's spending plans are being torn up. This year's budget was premised on an oil price of $57 a barrel and production of 2.17 million barrels a day. A revised budget plan, based on an average price of $31 a barrel and production of 1.7m bpd was sent to the National Assembly on 9 April. It slices 20% off capital spending and cuts the overall budget by 1.5 trillion naira (US$3.9 billion) to N9.3trn.

End of preview - This article contains approximately 1089 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.