Nigeria in panic mode as oil prices tumble after failed OPEC deal

Nigeria in panic mode as oil prices tumble after failed OPEC deal  

Nigeria is currently in panic mode as oil prices which rebounded last week begin to tumble following the failed OPEC deal in Doha, Qatar. Oil plunged Monday a day after top oil producers failed to reach a deal in Doha to cap output, fanning fresh fears over a supply glut that has plagued the market. 

Nigeria's economic woes to WORSEN as OPEC fails to reach deal on oil production freeze

Nigeria's economic woes to deepen as OPEC fails to reach deal on oil production freeze

Nigeria's hope for economic recovery suffered a setback today as an OPEC deal expected to have led to a rebound of crude oil price crumbled. Nigeria currently is expected to run a deficit budget to the tune of N2.2 trillion, which will increase if oil prices continues as they are or go down. General Muhammadu Buhari had  hoped that the OPEC deal that would have led to the freezing of crude oil production from partner countries failed to reach an agreement.