The fall in international oil prices amid coronavirus is having a devastating impact on Nigeria’s formal economy. Oil, the property of the Nigerian government, provides more than 60 percent of government revenue and 90 percent of foreign exchange.

Part of the basis of Muhammadu Buhari’s street popularity is his modest style of living, at least compared to other members of Nigeria’s elite. As is required by law, in May 2019, President Buhari submitted his asset declaration to the Code of Conduct Bureau. According to Garba Shehu, senior special assistant to the president on media and publicity, there was no significant change in President Buhari’s assets since he last submitted a declaration following his 2015 election as president.