Nigeria TV Info reports:
the implementation of Nigeria's ₦54.99 trillion 2025 budget has hit a major setback following a crude oil price drop from $70 to $66 per barrel—a 5.7% decline. The budget, anchored on a $75 per barrel oil benchmark, 2.06 million barrels per day output, and ₦1,500/$ exchange rate, is under pressure as actual production lingers at 1.8 million bpd and the naira struggles to hold value amid forex scarcity. Experts, including Mazi Colman Obasi and Prof. Wumi Iledare, warn that global oil market instability, low production capacity, vandalism, theft, and underinvestment threaten revenue projections. They urge the government to diversify funding sources and adopt realistic oil price forecasts. Analysts note that without urgent reforms in security, investment incentives, and FX management, meeting budget targets in the second half of 2025 remains unlikely.
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