The 2016 appropriation bill of President Muhammadu Buhari has become more realizable due to the improvement in the prices of crude oil in the international market.
Oil price on Friday rose for the third consecutive day, selling at $42.29 per barrel according to AFP.
The price of Brent crude, against which Nigeria’s oil is priced, rise to $42.29 dollars, $4.29 higher than the proposed benchmark of $38 for the 2016 budget.
Reports say confidence is growing that the world’s biggest crude producers will hammer out a deal to curb output and as a result investors piled back into the commodity, after they toyed with 13-year lows last month.