US Iran war: FG gets N5tn oil windfall amid fuel pain
Nigeria’s Federal Government has earned an estimated N5.13 trillion oil windfall from the surge in global crude prices triggered by the ongoing conflict between the United States and Iran. However, despite the revenue boost, Nigerians continue to grapple with fuel scarcity, high pump prices and rising transport and living costs. According to industry data cited in the report, the country’s additional crude oil earnings have accumulated over recent months as Brent prices climbed well above earlier budget projections. The war and fears of wider instability in the Middle East have tightened global supply, pushing up prices and generating unexpected income for oil producing nations, including Nigeria. Analysts estimate that Nigeria’s windfall, put at about N5.13 trillion, is based on the difference between the benchmark oil price in the national budget and the much higher average price recorded since hostilities escalated. […]
