Nigeria: 2020 Budget - Govt Retains $55 Benchmark Despite Oil Price Spike

17 September 2019

The federal government yesterday ruled out revising upward the $55 per barrel oil price benchmark adopted for the 2020 budget despite a spike in value of the commodity in the global market in the aftermath of Saturday's drone attacks on Saudi Arabia oil facility that wiped out about five per cent of global supplies.

Oil prices yesterday continued on the upward swing in the wake of the attacks launched against Saudi Arabia facility by Iran-backed Houth is movement in Yemen; rallying at about $72 a barrel.

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