EXPERTS and other concerned Nigerians have been raising their voices of advice to the Federal Government to immediately take steps to save on the emerging boom in crude oil sales.
This call is well placed because for some time now, there has been a steady rise in the price of crude above our budget benchmark.
Throughout the month of March 2021, Brent crude oil price traded steadily above the $70 per barrel mark. Though it recently dipped to $62. President Muhammadu Buhari had announced a benchmark of $40 per barrel in his 2021 budget presented before the National Assembly in December 2020.
What it means is that currently crude oil price is significantly above this year’s benchmark which should automatically go into the Excess Crude Account, ECA, and more importantly, the Sovereign Wealth Fund, SWF. Experts have predicted that the emerging good fortunes of oil sales (which sharply contrasts with the situation last year at the…