Nigeria: Economy Loses U.S.$321 Million in Oil Revenue to COVID-19 – AuthenticAfrican

Posted on by All Africa

[This Day] Abuja and Lagos -Nigeria's oil revenue target fell by N125.52 billion in the first quarter (Q1, 2020) to N940.91 billion, according to figures released yesterday by Minister of Finance, Mrs. Zainab Ahmed. The shortfall, attributed to the double whammy of the headwind caused by the COVID-19 pandemic and the slump in oil price due to a sharp drop in demand and price war between two powerful producers, Russia and Saudi Arabia, representing a 31 per cent of the prorated oil revenue target.