President Muhammadu Buhari presented a budget proposal of N6.08 trillion to a joint session of the national assembly on Tuesday, insisting on the oil benchmark of $38 per barrel.
The price is above the $30.74 per barrel rate of the Organisation of Petroleum Exporting Countries (OPEC), which coordinates petroleum policies of its member countries –Nigeria is one.
According to OPEC secretariat calculations, the price of a basket of twelve crude stood at 30.74 dollars per barrel on Monday, compared with $31.63 the previous Friday.
The price has fallen over $5 in the past one month, with Western Texas Intermediate (WTI) trading at $35.81 and Brent crude at $36.05 a barrel – its weakest since July 2004 – before recovering slightly to $36.56 early on Tuesday.
The price is above the $30.74 per barrel rate of the Organisation of Petroleum Exporting Countries (OPEC), which coordinates petroleum policies of its member countries –Nigeria is one.
According to OPEC secretariat calculations, the price of a basket of twelve crude stood at 30.74 dollars per barrel on Monday, compared with $31.63 the previous Friday.
The price has fallen over $5 in the past one month, with Western Texas Intermediate (WTI) trading at $35.81 and Brent crude at $36.05 a barrel – its weakest since July 2004 – before recovering slightly to $36.56 early on Tuesday.