Just In: Oil price hits highest level in 2019

The Federal Government is in a happy mood right now as the price of oil has hit 2019 high.

The price of oil rose above 69 dollars per barrel on Tuesday, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may reduce.

Nigeria 2019 budget is based on oil price of $66 per barrel with an estimated production of 2.2 million barrels per day.