TUE, JAN 30 2024-theGBJournal| Over the week, Brent crude price rose by 6.35%, the highest since 13 October 2023, to close at US$83.55/bbl, rattled by supply concerns and the Middle East conflict.
This brought the year-to-date change in price to an average of US$78.65/bbl which is 8.45% lower than the average of US$82.19/bbl in 2023.
The 2024 budget proposed revenue target for 2024 is N18.32 trillion, which comprised oil revenue of N7.94 trillion with US$77.96/bbl assumption in Nigeria’s 2024 budget.
Analysts still expect the price assumption this year to be exceeded.
The U.S. Energy Information Administration (EIA) projected that oil price in 2024 will average $82/b (estimate as of January 10) which is 5% above the budgetary assumption.
PwC however, in its latest Nigeria Economic outlook report, reckons that achieving budgeted oil revenue in 2024 will depend on OPEC oil production quota, international oil prices, improved security in the oil-producing regions, and geopolitical factors.
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