Nigeria Unable To Benefit From High Oil Prices

Nigeria’s debt has exceeded its revenue in the first four months of the year despite high oil prices, Nigeria’s Budget Office has revealed on its website. Oil-rich Nigeria, unlike other crude oil producers, has found it impossible to reap the benefits of today’s high oil prices, with oil revenues coming in 61% below target during the period. That’s despite crude oil trading at highs not seen in years. Nigeria’s crude oil production was relatively steady at 1.376 million bpd in the first quarter of this year compared…