Oil prices increased to $90 a barrel on Wednesday for the first time since 2014.
This comes amid rising tensions between Russia and Ukraine.
Over the past months, oil prices have continued to rise as there had been an increasing demand for the commodity across the globe.
Brent, global oil benchmark, topped the latest milestone while U.S West Texas Intermediate crude futures also witnessed a corresponding increase of 1.96% to $87.27 a barrel.
The current price is $28 higher than the $62 per barrel put in the 2022 budget of the Nigerian Government.