Oil Crash To $66 Threatens Nigeria’s ₦54.99trn Budget Plans

The implementation of Nigeria’s ₦54.99 trillion budget has hit a major hurdle as crude oil prices fell to $66 per barrel from $70, marking a 5.7% decline yesterday.

This comes as Nigeria’s oil production, including condensates, stands at 1.8 million barrels per day, with the exchange rate exceeding ₦1,500 to the dollar.

The budget was originally benchmarked on an oil output of 2.06 million barrels per day, an exchange rate of ₦1,500 per dollar, and a crude price of $75 per barrel.

Speaking to Vanguard yesterday, the National President of the Oil and Gas Services Providers Association of Nigeria, Mazi Colman Obasi, noted:

“The global oil market has been unstable for some time, and this volatility has affected the execution of the 2025 budget. The government must look beyond oil as a source of budget funding.”