The trend of events has caused the Federal Government to revise the benchmark oil price for 2020 to $30 per barrel and oil production to 1.7 million barrels per day. Similarly, Saudi Arabia’s 2020 budget has an assumed oil price of $60 per barrel. The current plunge in global oil prices due to COVID-19 has further put a strain on her economy. xWhy do you think some oil companies keep pumping despite the oil price glut? xOurs have become a mono-economy, a country that has a wide diversity of soil; the northern soil is good for the production of groundnut, cowpea, sorghum, and millet.

Source: The Guardian November 23, 2020 03:00 UTC