Quote from Ndubuisi Ekekwe on July 4, 2021, 8:55 AM

The improved oil price has not changed Nigeria's fiscal state: The 2022-2024 Medium Term Expenditure Framework Fiscal Strategy document showed that government revenue from January to May 2021 was N1.8 trillion, a 33.3% shortfall of the budgeted amount. This indicates that the recent rise in crude oil prices (+46.4% YTD) has not improved the government’s fiscal position. We note that the OPEC+ agreement continues to place a cap on oil earnings, as crude oil production (excluding condensate) was 1.4mb/d in Q1.