Index to Nigerian Newspapers

Nigeria bears the risk of suffering a severe economic shock similar to the one that occurred in 2016 when the price of crude oil fell to $20 per barrel. The ECA, which acted as a reservoir or buffer for the Federal Account Allocation Committee (FAAC), had been emptied within the preceding year, dropping from $72,411 million in January 2021 to $35,368 million in January 2022, according to the data. The account had a balance of $72,411 million between 20 January and 30 April 2021, per the official documents examined.Nigeria's crude oil production decreased from an average of 1.78 million barrels per day in December of last year and in January of 2022 to 1.42 million barrels per day on average in November, according to an OPEC poll. The world's petroleum reserves are predicted to increase by 0.5 million b/d in 2022. In December 2021, the average price of a barrel of Brent Crude oil was $74.17.

Nigeria bears the risk of suffering a severe economic shock similar to the one that occurred in 2016 when the price of crude oil fell to $20 per barrel. The ECA, which acted as a reservoir or buffer for the Federal Account Allocation Committee (FAAC), had been emptied within the preceding year, dropping from $72,411 million in January 2021 to $35,368 million in January 2022, according to the data. The account had a balance of $72,411 million between 20 January and 30 April 2021, per the official documents examined.Nigeria's crude oil production decreased from an average of 1.78 million barrels per day in December of last year and in January of 2022 to 1.42 million barrels per day on average in November, according to an OPEC poll. The world's petroleum reserves are predicted to increase by 0.5 million b/d in 2022. In December 2021, the average price of a barrel of Brent Crude oil was $74.17.