Nigeria’s excess oil revenue rises to N610m per day

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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.