The latest general election cycle coincided with a period of serious slump in the price of crude oil at the international market. From trading at well over $100 per barrel a year ago, the Nigerian grade Brent Crude now trades below $60 a barrel. This has translated to revenue shock for the government. The slump in the price of oil has also repressed foreign reserves. In line with its responsibility for financial stability, the Central Bank of Nigeria has had to regularly draw down on the reserves to defend the local currency
Trending
- Breaking: Senator Ayogu Eze is dead
- Ondo 2024: PDP begins delegates accreditation ahead of primary
- Lagos workers now earn additional N35,000 wage allowance since January – Sanwo-Olu
- Akpabio’s recipe for justice reforms in Nigeria, by Ola Awoniyi
- FAAN diverts flight operations as fire breaks out at Lagos Airport
- FAAN initiates investigation of fire at Lagos airport
- Powerline break out electrocute Mother, son, one other in Ogun
- WHO laments use of alcohol and e-cigarettes among youth