Budget 2024 Under Threat As Oil Price Drops To $76.53 Per Barrel

WITH the 2024 federal budget going through legislative process at the National Assembly, the price of Nigeria’s Bonny Light, yesterday, dropped to $76.53 per barrel, from over $88 per barrel in the global oil market, presenting a major threat to the execution of next year’s budget.

The nation’s 2024 budget was benchmarked on $77.96 per barrel and 1.78 million barrels per day, bpd, based on some projections, especially developments in the global oil market.

But checks by Vanguard indicated that the prices of many crudes, including Nigeria’s Bonny Light, dropped to $76.53 per barrel, thus raising concerns among stakeholders on the funding of the budget.

The stakeholders are also worried that if the trend continues, it would adversely affect the performance of the 2024 budget, still being screened by the National Assemly.