The Nigerian government has received advice from the International Monetary Fund to revise its 2025 budget to account for lower-than-anticipated global oil prices.
This was revealed in the IMF’s Article IV Consultation Report on Nigeria, which was published on Wednesday in Washington, DC, USA.
Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), stated that Nigeria’s oil production was 1.745 million barrels of crude oil per day (bpd), and on the basis of a declining inflation rate of 22.97 percent in May, the Fund increased its growth rate projection for Nigeria on Wednesday from 3.2 percent to 3.4 percent.
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To take into account market realities, the IMF emphasized that Nigeria’s “2025 budget needs to be recalibrated to lower oil prices.”
As the nation’s N54.99 trillion 2025 budget was benchmarked at a crude oil price of $75 per day, the IMF issued its advice.
As of Wednesday morning, the Brent and West Texas Intermediate futures were trading at roughly $68.68 and $67.04, respectively.
Crude oil prices were said to have only hit $75 per barrel during the height of the Israeli-Iranian conflict in mid-June 2025.
