Why Higher Crude Oil Prices Haven’t Boosted Nigeria’s Revenue

I’ve been wondering why soaring crude prices haven’t led to more revenue for Nigeria. When oil sold for $100–$120 per barrel under President Jonathan, critics blamed waste despite record prices. Now, the recent conflict involving Iran, the US and Israel has pushed crude above $100 again. Yet public debate focuses only on rising pump prices. Why aren’t we discussing the extra export earnings? If you understand the oil sector better, please explain without insults. Thanks!

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