On Wednesday, the price of crude oil fell to the lowest level in 16 years.
This came as global market continue to suffer the ongoing war between Saudi Arabia and Russia amid the global CoronaVirus pandemic.
The Brent this evening fell to $26.11 per barrel, the lowest level recorded since 2003.
The current situation has a very negative effect on Nigeria which is a struggling nation even during oil price boom.
Nigeria, heavily dependent on oil revenue prepared the 2020 Budget on a target of $57 per barrel.
Princess Ada is a Senior Content Creator and Head of Field Reporters at Naija Buzz News. She is a graduate of The Federal Polytechnic Nasarawa, Nasarawa State, where she studied Accounting before joining the media industry. She’s well experienced in Nigeria’s online media space. Ada previously worked as the Head of Business Operations at 1Push.Ng. She is a proud Igbo from Enugu State, South-East Nigeria.