Video: In Nigeria, Low Oil Prices Spur Efforts to Fight Waste and Corruption
by Leslie Hayward | December 09, 2015
Nigeria depends on oil exports for more than 60 percent of state revenue and more than 90 percent of export earnings. But with petroleum trading around $40 a barrel, plummeting oil prices have crippled public finances. Nigerians are calling on lawmakers for critical reforms to revive the oil sector, and President Muhammad Buhari’s administration has attempted to respond with anti-corruption efforts and proposals to limit fuel subsidies.