Nigeria’s budget estimate appears threatened as oil price drops $5 below the 2020 benchmark on global fears over the impact of the Coronavirus epidemic. Brent crude which is the international benchmark for crude oil, traded at $51.95 per barrel. This figure is $5 lower than Nigeria’s $57 crude oil price benchmark in the 2020 budget. The United States West Texas Intermediate, WTI, traded at $47.31 per barrel, down 2.91percent. According to the International Energy Agency (IEA), global oil demand will witness its first contraction in a decade because the Coronavirus outbreak has resulted in a partial shutdown of the Chinese economy. For Nigeria, this does not tell a good story as the country depends on crude oil for an estimated 90 percent of export earnings and more than 50 percent of government revenue. The outbreak has also affected businesses and governments across the world as the supply of some […]