Daily Archives: May 5, 2020

Nigeria amending 2020 budget assuming oil at $20 per barrel -finance minister

Nigeria’s government is amending its 2020 budget to assume an oil price of $20 per barrel, Finance Minister Zainab Ahmed said on Tuesday.
Nigeria’s economy, which emerged from a recession in 2017, was already contending with low growth of around 2% before oil prices plummeted.
Africa’s top oil exporter relies on crude sales for around 90% of foreign exchange earnings and more than half of government revenue.