The ongoing conflict involving the United States, Iran, and Israel is placing significant pressure on global oil markets, and Nigeria risks feeling a double impact, according, the CEO and Co-Founder of Budgit, Oluseun Onigbinde, has said.
Speaking on TVC News’ “Business Nigeria” programme on Friday, Onigbinde described the situation as “unexpected” but not entirely surprising, given the simmering tensions in the region.
He noted that recent military strikes in Iran, a country strategic to oil production, logistics, and transportation, have disrupted markets.
“As of now, Brent’s price is around $110 per barrel, and obviously we have also seen it shoot up to maybe $120 at some periods,” he said.
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Onigbinde highlighted that attacks on oil and gas facilities by both Iran and Israel have added to market uncertainty, prompting international efforts to slow the conflict to reduce inflationary pressures on domestic economies.
Onigbinde warned that while rising oil prices could boost Nigeria’s budget revenue and support government development projects, the benefits come at a cost to citizens.
“It’s like someone takes a lot of straws from the mouth of Nigerians and brings a big pipe into the mouth of the government. It’s a huge problem,” he said, referring to the country’s deregulated fuel pricing system.
He emphasised the need for transparency in how additional government revenue is used.
He further called for social protections to shield ordinary Nigerians from the fallout.
“We cannot continue to believe that we’ll just subject everyday Nigerians to the wider challenges of the market,” Onigbinde said.
