JUST IN: Nigeria faces economic uncertainty as international oil prices crash below $60

As Brent crude prices fall to $59.25 per barrel, much below the 2025 budget benchmark of $75, Nigeria is confronted with a double-barreled economic disaster. Nigerian political art prints F
The country’s revenue forecasts and currency rate stability could be completely upended by the recent development.
Nigeria might lose up to N19.6 trillion in expected oil revenue, according to Nairametrics, as crude output lags at just 1.67 million barrels per day (compared to the budgeted 2.06 million) and the naira depreciates past N1,600/$.

It’s possible that the fiscal deficit may increase from N13 trillion to an astounding N30.79 trillion. Prints with political themes from Nigeria

Experts caution that persistently low oil prices may lead to fresh pressure on the foreign exchange market, making it more difficult for the Central Bank to protect the naira.

If oil receipts keep declining, the recent advances in net foreign exchange inflow ($15.2 billion in Q1) might not last.

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Prices are further threatened by OPEC+’s resolution to reinstate 2.2 million barrels per day by October, which is led by Saudi Arabia and Russia. Nigeria, which struggles with infrastructure deterioration and oil theft, is excluded from cartel profits.

A top-level EMT subcommittee is already working on updated fiscal models, with an emphasis on expanding the tax base, digitizing revenue collection, and increasing oil production, according to Finance Minister Wale Edun.