Oil Price Drops 20 To 67 Per Barrel

THE price of Bonny Light,Nigerias premium crude dropped further by 20 per cent to 67 per barrel from 84.02 per barrel on January 2025, fuelling fears over achievement of Federal Governments budget 2025 revenue target.

The Budget 2025 is based on crude oil price benchmark of 75 per barrel, oil production of 2.06 million barrels per day, bpd and revenue target of N36.35 trillion with 56 per cent coming from oil sales.

The fall in crude oil price represents a 10.7 per cent potential decline in FGs oil revenue target, even as output, currently at 1.7 million bpd, remains significantly below the 2025 budget benchmark of 2.06 million bpd.