Nigeria’s Excess Oil Revenue Rises To N610m Per Day

Nigeria’s Excess Oil Revenue Rises To N610m Per Day

Nigeria’s excess crude oil revenue has risen by 50 per cent between August and September, 2017 following the increase of price from $49 to $54 per barrel, Vanguard reports.

The excess oil revenue of the nation which has $44 per barrel as its budget 2017 reference price was $5 per barrel in August when crude oil price hovered at $49 per barrel. But with the current price of over $54 per barrel, the nation’s excess oil revenue has risen from $5 to $10 per barrel. Consequently, at the current 2.2 barrels per day output, Nigeria would generate $22 million as its daily excess oil revenue, meaning that at the official exchange rate of N305 per a dollar, Nigeria would generate N610 million daily.

A survey of crude oil markets showed that the price of Brent which is usually used to benchmark the prices of other crudes stood at $54.30 per barrel yesterday. While the price of WTI stood at $49.11, that of the Organisation of Petroleum Exporting Countries (OPEC) basket, including Nigeria’s Bonny Light stood at $51.88 per barrel. The price of OPEC basket of fourteen crudes stood at $51.88 a barrel on Wednesday, compared with $50.82 the previous day, according to OPEC Secretariat calculations.

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