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Vol 61 No 8

Published 16th April 2020


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.

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