In light of lower-than-expected global oil prices, the Nigerian government has been recommended by the International Monetary Fund to reconsider its 2025 budget.
In its Article IV Consultation Report on Nigeria, which was published on Wednesday in Washington, DC, USA, the IMF revealed this.
In light of the fact that Nigeria’s oil production increased to 1.745 million barrels of crude oil per day (bpd) on Wednesday, according to Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, and that the country’s inflation rate decreased to 22.97 percent in May, the Fund increased its growth rate projection to 3.4 percent from 3.2 percent.
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Nigeria’s “2025 budget needs to be recalibrated to lower oil prices,” the IMF emphasized, in order to take market realities into account.
The IMF’s recommendation comes as the nation’s N54.99 trillion 2025 budget was set using a crude oil price baseline of $75 per day.
The West Texas Intermediate and Brent futures were trading at roughly $67.04 and $68.68 on Wednesday morning.
According to reports, the only time crude oil prices hit $75 per barrel was in mid-June 2025, when the Israeli-Iranian confrontation was at its height.
