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Commodities

Nigeria Denies $9B Windfall Claim as Oil Prices Rise

Guavy AI Editorial Team
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The Nigerian Presidency has dismissed claims by former Vice President Atiku Abubakar that the country gained N7.98 trillion as windfall from the recent Middle East war.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that 'There is no such windfall of N7.98 trillion.'

The Presidency explained that any incremental revenue from higher oil prices is reflected in the monthly FAAC figures, which average around $90 for Brent compared to the benchmark price of $64.85.

Nigeria's oil production shortfall partly offsets the price premium, and some crude volume has been pledged for loans used to pay for subsidies in the past.

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