Tuesday, April 13, 2021

Oil soars above $67 as Nigeria earns additional N318bn/month

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Nigeria may have earned over N318bn additionally in February as a result of the increase in crude oil price in the past one month.

The Minister of Finance, Budget and National Planning, Zainab Ahmed at the virtual presentation of the 2021 Federal Government approved budget in January, stated that Nigeria’s benchmark for crude oil price was retained at $40/barrel.

Since February this year, Brent, the oil against which Nigeria’s crude oil is priced, had traded at an average that was higher than $60/barrel and it traded for $63.81/barrel on Thursday.

The commodity which crashed to below $20/barrel during the second quarter of 2020, had rallied in price since this year, trading above $63/barrel for most part of February 2021.