ANALYSIS: For Nigeria, rising oil prices make little difference

Despite oil price rally, the Nigerian government is not reaping much from its crude sales as the nation continues to buy refined crude at high prices due to the moribund state of domestic refineries.

Meanwhile, the proposed total expenditure for the year was put at N16.39 trillion with a crude oil benchmark price of $57 per barrel and daily oil production estimate of 1.88 million barrels . Earlier in July, OPEC+ had agreed to raise output by 400,000 barrels a month until at least April 2022, ostensibly as a means to phase out 5.8 million barrels per day of existing output cuts.

She explained: “The high price of oil means that we would be able to earn more revenue. At $85 per barrel is way above the $40 per barrel we have on our 2021 fiscal projections.” Earlier, at a meeting between OPEC and its allies led by Russia, the oil cartel had agreed to raise global oil supply amid surge in demand and ease of lockdowns across the world.

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