237 Views

Nigeria’s Excess Oil Revenue Rises to N22.4 Billion Daily as Price hits $77 Billion per barrel

Nigeria’s excess oil revenue has risen to N22.4 billion daily as a result of the sudden leap in the price of crude from $67 to $77 per barrel in the international market.

The rise in oil price was partly attributed to President Donald Trump’s decision to re-impose economic sanctions on Iran and the continued output cut by members of the Organisation of Petroleum Exporting Countries, OPEC.

Consequently, current oil market situation is expected to impact positively on the nation’s 2018 budget.

The nation’s N8.612 trillion 2018 budget, which the National Assembly had promised to pass next week was benchmarked on $45 per barrel of oil and the production of 2.3 million barrels per day. But the rise in oil price showed an excess of $32 per barrel against the $45 per barrel budget benchmark price, indicating an excess daily revenue of $73.6 million or N22.4 billion at the official exchange rate of N305 per dollar.

A survey of various oil markets around the world showed that the price of some light crudes, including Nigeria’s Bonny Light was in excess of $77 per barrel.

You may be interested

55 Killed in Fresh Kaduna Communal Clash
Metro News
27 views
Metro News
27 views

55 Killed in Fresh Kaduna Communal Clash

MT - October 20, 2018

The Kaduna State Police Command yesterday confirmed 55 people dead in Thursday’s communal crisis at Kasuwan Magani in Kajuru Local…

PDP Warns Members Against Illegal Submission of Candidates’ Names to INEC
Government & Politics
28 views
Government & Politics
28 views

PDP Warns Members Against Illegal Submission of Candidates’ Names to INEC

MT - October 20, 2018

The Peoples Democratic Party (PDP) yesterday said it had officially submitted names of its candidates for the 2019 National Assembly…

Felabration: Seun Kuti Slaps Security Guard At Afrikan Shrine
Entertainment
44 views
Entertainment
44 views

Felabration: Seun Kuti Slaps Security Guard At Afrikan Shrine

MT - October 20, 2018

Disaster was quickly averted on Wednesday night, the third day of Felabration 2018, at the VIP/Artiste lounge of the New…

Leave a Comment

Your email address will not be published.