Global crude oil prices favour Buhari’s 2017 budget


Global crude oil price is favouring President Muhammadu Buhari’s 2017 appropriation estimates.

President Buhari, last Wednesday presented the 2017 appropriation bill to a joint session of the National Assembly with 42.5 dollar per barrel.

The budget proposal is 7.298trillion which represents a total of 20.4% increase over the 2016 estimate.

On Monday, Crude oil futures rose by 1.11 per cent to Rs 3,549 per barrel as speculators raised their bets amid a firm trend overseas.

The US benchmark West Texas Intermediate crude prices rose 43 cents to USD 52.33 barrel and Brent crude which Nigeria trade on added 41 cents to USD 55.62 a barrel.

This is a significant improvement after the OPEC and Non OPEC oil deal and a hope for the 2017 budget of growth and recovery of President Muhammadu Buhari


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