The federal government has expressed sadness that it has failed to take full advantage of rising oil price, while other oil producing countries smiled to the bank on the back of Russia, Ukraine tensions, IgbereTV reports.
In an interview with Bloomberg on Wednesday, the Nigerian Minister of State for Petroleum, Timipre Sylva noted that because the country was not producing enough to meet its OPEC quota it was not gaining much from the oil price rally.
In the early hours of Thursday morning, Brent crude the international benchmark for oil hit $100.07 briefly around 04:46 am before returning to N99.40 as at the time of writing.
IgbereTV has been following the price changes and had reported earlier in the week that oil price is likely to surpass $100 this week.
But sadly, Nigeria is not ready to enjoy the oil windfall and Sylva did not fail to stress the headache facing the country.
He pointed out that with subsidy and production level, the comfortable price range for Nigeria would be between $70-$80 at this point
