The price of crude oil has hit $90 per barrel after seven years. This is the first time, President Muhammadu Buhari’s administration was experiencing high price of crude oil after he took over on May 29, 2015.
Experts in oil industry attributed the price surge to regional tension as Russia and Ukraine are set to engage in warfare.
Despite increase in demand, price of crude keep surging.
Brent, global oil benchmark, topped the latest milestone while U.S. West Texas Intermediate (WTI) crude futures also witnessed a corresponding increase of 1.96% to $87.27 a barrel.
Nigeria’s 2022 budget which stood at N17.126 trillion was pegged at $62 per barrel, hence, as at Wednesday, the current price has $28 surplus.
