Fitch Ratings says Nigeria is in the worst position among oil exporting countries to have a balanced budget this year.
The global rating agency said in a report on 14 major oil exporting nations in the Middle East, Africa and Europe that Nigeria needs an oil price of $139 per barrel to balance its budget.
Fitch says fiscal reforms and exchange rate adjustments are supporting improved fiscal positions compared to previous years.
Yet, they will not prevent erosion of sovereign credit worthiness.
Advertisement
Brent crude, a global benchmark, has averaged about $55 per barrel this year while Opec brand averaged $48.
Related posts:
Fitch gives unimpressive rating of Nigeria’s $300m diaspora bond
Nigeria will continue to experience sluggish recovery-Fitch
417,000bpd oil cut will deepen Nigeria’s recession- Fitch
Forex : Fitch okays liquidity in banking system
Eurobonds offering to ease Forex maturity gaps – Fitch
We will continue to balance appointments between Christians and Muslims – Makinde
‘Why we must strive for balance in tackling hate speech, misinformation’ – Gbajabiamila
SERAP Urges INEC to publish accounts, balance sheets of all Parties
