Responding to Climate Change quotes Africa Center Director J. Peter Pham on how the trent of falling oil prices has affected Nigeria:
At the same time, the falling oil price has hit government revenues, further destabilising the economy. The oil exporting country has revised its budgets twice in recent months, first to based on a forecast price of US$78 a barrel, then US$65. The price fell below US$50 this week.
This trend is “seriously impacting the resources available to Nigeria’s government at a time when it not only faces a serious security threat from Boko Haram but other potential threats around the country,” Peter Pham, director of the Africa Center at the Atlantic Council, told the International Business Times.