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Petro states: What happens when 30% of your national budget disappears in a decade?

The price of oil is expected to halve to $35 a barrel by the 2030s. At this price, a country like Nigeria loses a third of its government revenue. The effect is similarly dramatic for other petro states. In Angola, ageing offshore oil rigs bring in 75% of government revenues and make up 90% of exports. For Egypt, oil is 10% of government revenue, with the number climbing to 78% in South Sudan and 80% in Equatorial Guinea. 

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Sipho Kings
Sipho Kings is the acting editor-in-chief of the Mail & Guardian

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