Buhari, APC now enjoy financial boom as Brent Crude sells near $140 per barrel

President Muhammadu Buhari and the ruling All Progressives Congress (APC) may be having a season of financial boom as the price of Brent crude oil rose to about $140 on Sunday, the first high sales price in the post 14 years in the international market. There has been panic buying of crude oil in the international market since Russia invaded Ukraine. The panic buying was also precipitated by the sanctions imposed on Russia by the West.

It was highlighted that Brent North Sea crude oil delivery for May was $139.13 immediately after electronic trading opened around 2300 GMT, heading towards a 2008 record high before retreating slightly over the next hour.

The European benchmark crude hit its record price of $147.50 per barrel in July 2008.

By 0030 GMT, Brent crude had dropped a little more to $128.77 per barrel — 9.02 percent higher than its closing price on Friday.

The current price of crude oil in the international market could give excess financial advantage to the Buhari administration with wide margin of crude price benchmark in the 2022 budget. The pressure for more loans may be reduced.