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COVID-19 chronicles in Nigeria

30 April 2020
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Low oil prices exposes fiscal vulnerabilities in addressing COVID-19.

Nigeria felt the impact of COVID-19 even before it confirmed its initial case in late February as slowing global demand and the inability to stabilise prices via production cuts depressed oil prices. With oil prices way below the original 2020 budget benchmark price of $57, fiscal revenues could be at least 40% down year on year.

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