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Nigeria gains $11/b as oil price approaches $52 ahead of 2021

Nigeria gains $11/b as oil price approaches $52 ahead of 2021

 As oil prices surged over $51 on Wednesday on hope that the oil market is recovering from the adverse effects of the COVID-19 pandemic, indications are that Nigeria is earning $11 per barrel on its crude oil sales.

The Federal Government projected oil price at $40 per barrel  in the nation’s 2021 budget, which has now been surpassed in the oil price rise following the COVID-19 vaccine discovery.

Nigeria’s proposed revenue and expenditure, according to the 2021 budget, are ₦7.89 trillion and ₦13.08 trillion, respectively, showing a ₦5.02 trillion deficit.

With oil prices currently climbing over government’s revenue projection, indications are that the country could earn more from oil exports in the New Year if the current oil price level remain throughout the year.

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Source: SweetCrudeReports

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