Hit by the fall in oil prices, Nigeria revises downwards its 2020 budget

The continent’s leading producer of black gold with two million barrels/day, Nigeria is preparing for a perilous budget year. Noting the spectacular fall in oil prices following the coronavirus crisis, Finance Minister Zainab Ahmed confirmed on Monday 9 March that the 2020 budget would be revised downwards. Objective, to take into account the significant distortion between the initial forecasts (30 billion dollars of budget planned and a reference price of crude oil of 57 dollars per barrel) and the financial resources actually available. The official also said that a report with proposals to limit the economic fallout from the looming crisis will be handed over to President Muhammadu Buhari on Wednesday 11 March.