Nigeria, Oil price, Crude oil


The main thrust of this paper is to draw lessons of experience from other selected oil producing countries. the outcome of the study is expected to help in strengthening Nigeria's oil price framework in line with international best practice. Section 2 dwells on the theoretical and literature review on oil based fiscal rule, while section 3 presents the framework for oil price benchmark determination and section 4 examines those factors capable of stimulating determination of oil price benchmark, lastly section 5 discusses some lessons of experience from Nigeria and then the conclusion.

Author Bio

The authors Sanni, H. Taiwo and Akpan, D. Bassey are both Principal Managers of the Research Department, Central Bank of Nigeria.

Publication Title

CBN Bullion


3 - 1


36 - 37



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