Oil above $100, Nigeria faces revenue windfall, fuel price risks
By Udeme Akpan, Energy Editor Nigeria is poised for a major oil revenue boost but faces renewed pressure on fuel prices, inflation and operating costs as escalating hostilities between the United States and Iran push crude prices above $100 per barrel.
With major crude benchmarks above $100, Nigeria could earn substantially more from crude exports if the elevated prices persist, boosting government receipts from petroleum-sector royalties, taxes and other oil-related revenues.
An industry leader that pleaded to be anonymous, said: “The priority should be to raise crude output, maximise export earnings and strengthen fiscal buffers, while using expanding domestic refining capacity to reduce exposure to external energy shocks.
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