The crude oil price of Brent grade continues to decline at the International market on Tuesday, the brent was traded around $28 per barrel.
Brent oil fell by $1.40 to $28.65 per barrel as of 8:15 pm Nigerian time on Tuesday 17 March 2020, its lowest since January 2016.
The Nigeria 2020 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), in December, was predicated on oil production of 2.18 million barrels per day with the price benchmark put at $57 per barrel.
The Presidential Advisory Council on Economics has warned about the dire economic consequences for Nigeria if the raging coronavirus infection was not contained as quickly as possible.
The council, chaired by Prof Doyin Salami, met with the President Muhammadu Buhari at the State House, Abuja, said one of the immediate consequences, as shown in the crash of crude oil prices, was slower economic growth, adding that confidence in the economy would also be eroded.
The council “Recommending, among others, a possible revision of the 2020 budget, with priority spending on healthcare, re-prioritisation of expenditure on infrastructure to focus on projects nearing completion with pro-poor effects, curtailing recurrent expenditure, mobilising the private sector to strengthen health sector infrastructure, and boosting of government revenue, the PEAC stressed that the projections may seem dire, but the worst may be avoided with hard work and scrupulous implementation of policies.”