Budget Review Necessary as Oil Prices Fall — IMF Tells Nigeria

Nigeria should review its 2025 budget to account for lower-than-expected global oil prices, according to the International Monetary Fund.

On Wednesday, the IMF revealed this in its Article IV Consultation Report on Nigeria, which was published in Washington, DC, USA.

According to Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), Nigeria’s oil output was 1.745 million barrels of crude oil per day (bpd), and the Fund increased its growth rate projection to 3.4 percent from 3.2 percent on Wednesday. This was due to a declining inflation rate in May, which was 22.97 percent.

The IMF emphasized that in order to take into account market realities, Nigeria’s “2025 budget needs to be recalibrated to lower oil prices.”

Read Also: Ex-Equatorial Guinea Minister Baltasar Engonga Sentenced to 18 Years Over Hundreds of Leaked

The IMF’s advice comes after the country’s 2025 budget of N54.99 trillion was set using a crude oil price benchmark of $75 per day.

As of Wednesday morning, Brent and West Texas Intermediate futures were trading at, respectively, $68.68 and $67.04.

Only during the height of the Israeli-Iranian conflict, in mid-June 2025, were crude oil prices said to have hit $75 per barrel.