Nigerian crude oil prices surpassed the $80 per barrel mark following American and Israeli airstrikes on Iran, which rekindled fears about the oil market.
The latest prices exceeded the FG 2026 budget benchmark of $64.85 per barrel.
Higher prices boost the Nigerian government revenue, even though the West African economy production has been below its OPEC’s quota
Crude oil accounts for most of Nigeria’s foreign exchange earnings and a large part of government revenue, despite making up only 3–5 percent of the country’s GDP.
The latest prices exceeded the FG 2026 budget benchmark of $64.85 per barrel.
Higher prices boost the Nigerian government revenue, even though the West African economy production has been below its OPEC’s quota
Crude oil accounts for most of Nigeria’s foreign exchange earnings and a large part of government revenue, despite making up only 3–5 percent of the country’s GDP.