By Marcel Okeke
While the entire world remains on edge following the United States of America-Israel military strike on Iran last weekend, one of the upshots of the incident has been a remarkable surge in the prices of crude oil. As the conflict is yet unfolding and spreading across the entire Middle East, crude oil production, logistics and distribution are getting encumbered or crippled.
As a ripple effect of the crisis, prices of oil have spiked, busting expectations and projections by stakeholders and analysts. For Nigeria which has built its 2026 budget of N58.4…. trillion on oil price assumption of $64.85 per barrel, the surge to over $90 per barrel (at a point) looks, in all respects, like another windfall in terms of the resultant huge foreign exchange (FX) revenue inflow.
