Nigeria’s economy may be heading for trouble, as oil price crashed even lower at the weekend, thereby threatening the 2015 budget and fiscal plan.
The international price of crude hit a six-year low below USD40 per barrel with West Texas Intermediate crude oil futures as low as USD39.89, while Brent crude declined further to USD45.10 from previous week’s level of USD48.87 per barrel. Nigeria’s sweet crude is similar to the Brent.