₦airaland Forum

Considering the latest dip in the crude oil price at the international market, the Federal government of Nigeria may have to review the oil price benchmark for 2020 budget as Nigeria’s premium crude grade (bonny light), yesterday, crashed to $20.59 per barrel, the lowest in 18 years.

The latest price is about 31.4 percent below the revised 2020 budget oil price benchmark of $30 per barrel, indicating that the Federal Government may be forced to go back to the drawing board and effect another cut on the benchmark, barely two weeks after the first downward review.

The initial benchmark was $57 per barrel but the committee reviewed it downward to $30 two weeks ago following the rapid decline in global demand and crude oil price. Effectively the new oil price of $20.59 per barrel has slashed about N1.68 trillion from the original expected oil revenue as contained in the 2020 budget, a development that may force further downward review of the expenditure provisions.

Other premium oil grades including Brent and WTI recorded marginal price drops, trading at $25.74 and $20.11 against last Friday price of $27.95 and $21.51. Meanwhile, industry watchers are projecting further decline in Bonny Light to below $20 as the Coronavirus, (COVID-19) pandemic continues to ravage world.

https://www.naijabusiness.com.ng/news/2020/fg-may-further-cut-2020-budget-as-crude-oil-price-drops-to-20/

The hunger pandemic loading for us in this country will be greater than Covid-19!

This Buhari is so unlucky, always coming in crisis period. Or maybe God always bring him ahead of crisis because God knows only Buhari can manage crisis.

Goatluck Jonaddaft sold oil for over $110 per barrel, yet ordinary 2nd Niger Bridge, he couldn't build. All International Airports in SS and SE are like Lagos Motor Parks. SS and SE roads are the worst in the country، yet SS and SE think Buhari is their generational problem.

APCNig:
[s]This Buhari is so unlucky, always coming in crisis period. Or maybe God always bring him ahead of crisis because God knows only Buhari can manage crisis.

Goatluck Jonaddaft sold oil for over $110 per barrel, yet ordinary 2nd Niger Bridge, he couldn't build. All International Airports in SS and SE are like Lagos Motor Parks. SS and SE roads are the worst in the country، yet SS and SE think Buhari is their generational problem[/s].

Trash! Buhari is worse than Corona virus.
The old fool was busy searching for oil in the barren north at a time oil was collapsing in the global yet BMC employee is here talking nonsense.
He was all over the place decieving himself and gullible ones like you about diversification yet he made himself minister of petroleum and wasted the little money we had in the name of searching for oil.
It's not his fault when he still have zombies like you defending his attrocities.

Is time for Nigeria to focus more attention on agriculture and other manufacturing sectors. The price of crude oil will still drop to like $10 per barrel. It is well.

APCNig:
This Buhari is so unlucky, always coming in crisis period. Or maybe God always bring him ahead of crisis because God knows only Buhari can manage crisis.

Goatluck Jonaddaft sold oil for over $110 per barrel, yet ordinary 2nd Niger Bridge, he couldn't build. All International Airports in SS and SE are like Lagos Motor Parks. SS and SE roads are the worst in the country، yet SS and SE think Buhari is their generational problem.

Stop this stvpidy