Hope Rises for Nigeria as Crude Oil Prices Climb - THISDAYLIVE

The international prices of crude oil spiked yesterday, raising hopes in the country that Nigeria could meet its financial obligations to its citizens and fulfil its global commitments in the short term as the Brent sold for $34.

The country’s financial projections for the year were also compounded by the impact of the COVID-19 pandemic, which has led to the international buyers of the country’s crude oil cutting down on their purchase and consumption, leaving Nigeria’s crude stranded at sea. With an initial oil benchmark of $57 per barrel in the 2020 budget, the Federal Executive Council was also forced to approve reductions in capital budget by 20 per cent, and 25 per cent cut in recurrent expenditure.

There were reports that the alliance was willing to cut production, after President Donald Trump indicated in a tweet that he expected Russia and the Saudis to slash production by about 10 million barrels per day.

Better!

Shame on Nigeria, as the 'Giant of Africa' we still depend on oil. Ish

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