Recent market data has revealed that Nigeria’s oil revenue is currently on the rise as Bonny Light (Nigeria’s crude oil blend) traded at $78 per barrel.
The price increase is above $75 per barrel, budgeted by the Federal Government in the ₦55 trillion 2025 national budget.
While Bonny Light traded at exactly $78.62 per barrel, other crude blends such as Saharan, Girassol and Arab Light traded at $67.18, $79.56, and $65.72 per barrel, respectively.
The Federal Government had benchmarked $75 per barrel on more than two million bpd, including condensate, in the 2025 budget.
Oil prices climbed by a few cents on Tuesday as the market anticipated the U.S.-China trade talks in London later in the day.
Brent crude futures gained 29 cents to $ 65.31 a barrel by 1:31 PM WAT. Bonny Light often trades at a premium to Brent crude.
Major oil benchmarks continue to hover above the $60 range after a significant selloff in early April, over OPEC+’s announcement to increase the unwinding of voluntary production cuts totalling 2.2 million barrels per day, and renewed concerns over President Trump’s trade war rhetoric impacting hydrocarbon markets.