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Nigeria’s 2019 budget still under threat as oil price hovers at $52.72

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THE execution of Nigeria’s 2019 budget will likely encounter a serious threat as the price of Bonny Light, the nation’s premium oil grade, yesterday, hovered at $52.72 per barrel in the international market.

The price, which had dropped to as low as $48 last week, before hovering at the current level, showed $7.28 below the $60.00 per barrel benchmark price of the budget.

Specifically, while the price of Bonny Light stood at $52.72, others – Brent, West Texas Intermediate, WTI, OPEC Basket, Lousiana Light, Mexican Basket and Urals – stood at $53.21, $45.33, $53.92, $48.98, $45.18 and $49.80 per barrel respectively.

Commenting on the budget, Director-General, Lagos Chamber of Commerce and Industry, LCCI, Mr. Muda Yusuf, disclosed that: “Data from the Organisation of Petroleum Exporting Countries, OPEC, shows that oil prices are trending down at $54 p/bl on December 22, 2018 from its peak of $88p/bl in the month of September and October 2018.

Vanguard, January 1, 2019

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