By Our Correspondent

National News – Nigeria has recorded an estimated ₦5.13 trillion oil revenue windfall in March and April 2026, driven by a sharp rise in global crude prices linked to the ongoing United States–Iran conflict.

The surge, which began on February 28, saw oil prices jump from below $70 per barrel to over $120 at peak levels, significantly surpassing the Federal Government’s 2026 budget benchmark of $64.85 per barrel.

The windfall occurred as Nigeria produced between 1.55 million and 1.7 million barrels per day during the period, below its 1.8 million barrels benchmark.

However, higher prices offset the production gap. In March, crude averaged $95.03 per barrel, generating about ₦1.19 trillion above projections.

By April, stronger output and prices averaging $127.05 per barrel pushed excess earnings to ₦3.94 trillion, bringing the total windfall to ₦5.13 trillion.

Despite the revenue boost, Nigerians are facing worsening fuel costs and inflation.

Petrol prices rose sharply, with refinery and pump prices climbing from about ₦1,200 to as high as ₦1,400 per litre nationwide.

Analysts say the spike reflects the direct impact of rising global oil prices on domestic energy costs.

Energy experts and industry stakeholders have urged the government to deploy part of the windfall to ease economic hardship.

Petroleum retailers called for intervention to stabilise fuel prices, while economists recommended targeted cash transfers to vulnerable citizens.

They warned that without relief measures, increased transport fares and food prices could deepen economic strain.

Local refiners also advocated for a domestic crude pricing system to reduce dependence on international benchmarks like Brent crude, arguing that it would lower production costs and stabilise fuel prices.

The development highlights Nigeria’s continued dependence on volatile global oil markets.

While higher prices have boosted government revenue in the short term, experts caution that any sudden drop in crude prices could reverse gains quickly, exposing the economy to fiscal risks.