The bulk of Nigeria’s foreign exchange earnings comes from the sale of crude oil and a crash in global oil prices often leads to a drop in the country’s earnings.
The commodity dropped by 5.7 per cent on Wednesday when compared to what it traded for the previous day. Crude oil in OPEC basket appreciated by $0.31 to $39.53 per barrel on Wednesday, indicating an increase of 0.97 per cent when compared to its price on Tuesday.
When oil was over $100 per barrel straight after global recession in 2008. We set up excess crude account and we blew the money without Accountability. Remember the story of Joseph. The seven thin cows are here now but we still owe over $70 billion to creditors
How does this concern poor Nigerian? Because even when Nigeria earning were good life is always made difficult through govt harsh economic policies for the poor Nigerians.
Recession is sure
We sell teeth whitening charcoal powder and toothpaste NgZido
Your headline is clickbative
Aha!!! Meanwhile they have published and approved B2021, which proposes an unnecessary 5.2Tn deficit. The expected revenues is based on $40/barrel. With this risk and uncertainty around the oil revenues, you would think they would exercise some fiscal restraint. Incompetent lot!
When Brent oil is about $42 and OPEC basket is about $37 ,Naija why?
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God help us.
Nonsense speak English wey everybody go understand😑