On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014.
Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.
Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.
Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.
On Friday, crude oil prices surpassed $93 per barrel for the first time since October 1, 2014.
Brent crude futures, the global benchmark for oil, rose more than 2.9 percent to $93.54.
Likewise, West Texas Intermediate (WTI) crude futures rose 2.5 percent to $92 per barrel.
Oil prices have continued to rise in recent months as countries eased lockdowns and lifted travel restrictions.
The oil market also benefited from the Ukraine crisis, which raised concerns about potential supply disruptions.
The rise in global crude oil prices should have signaled an increase in Nigeria’s revenue, but the government was shortchanged by subsidy payments.
Subsidy payments consumed N270 billion in December 2021, amounting to N1.43 trillion in annual expenses, reducing revenue accrued to the federation account.
