BUSINESS: OIL PRICE DIPS FURTHER BY 19.66%
Written by thereachfm on March 11, 2020
Trouble continues to loom for the Federal Government’s budget 2020, over global crash in crude oil price, which saw the price of nation’s, Bonny light tumbling further from $46 per barrel, to $37.22 a 19.66 percent decline.
This was coming on the heels of a presidential committee action for review of the budget.
It would be recalled that the N10.4 trillion budget 2020 is based on oil revenue projection of N2.64 trillion predicated on crude oil price of $57 per barrel and oil production of 2.18 million barrels per day.
House of Reps sets up committee on coronavirus, oil price Brent crude which is the international benchmark for crude oil, traded at $36.89 per barrel. This figure is $21 lower than Nigeria’s $57 crude oil price benchmark in the 2020 budget.