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Budget under threat as oil sinks to $54

These are not the best of times for Nigeria based on financial projections.

The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday.

And trading below the Federal Government’s benchmark for the 2020 budget, as the coronavirus outbreak hit fuel demand in China.

The 2020 budget, which was signed by the President, Buhari in December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel.

The Federal Government is looking to generate N2.64tn oil revenue, which is 32.34 per cent of expected total revenue for this year, with non-oil revenue projection being N1.80tn.

Brent, against which Nigeria’s crude oil is priced, had risen above $70 per barrel early last month following the killing of an Iranian general, Qassem Soleimani, by the US on January 3.

But the price, which has been on a downward trend since the coronavirus broke out last month, plunged by $2.23 to $54.39 per barrel as of 9.20pm Nigerian time on Monday. It fell below the $60 per barrel mark on January 28.

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