Crude oil revenue, The Nigerian government’s major source of revenue and foreign exchange earnings, appear to be facing serious underlying setbacks despite a positive rally in global oil prices to $100 per barrel, and well ahead of the 2022 federal government’s budget benchmark of $62 per barrel.
With the naira still exchanging at the rate of N410.50 to the dollar, the government’s fiscal managers are failing to help the country take advantage of the global oil play even as it grapples with ramping up production to expected capacity owing to continuous operational challenges being faced in the oil sector