According to a report by Dailypost on Wednesday, 3rd July, 2025, the International Monetary Fund has called on the Nigerian government to adjust its 2025 fiscal plan in response to weaker-than-anticipated global oil prices.
This recommendation was included in the IMF’s latest Article IV Consultation Report on Nigeria, made public from Washington, DC, on Wednesday. The advisory comes even as the Fund revised Nigeria’s projected economic growth upward from 3.2% to 3.4%, citing increased oil production—currently at 1.745 million barrels per day—and a reduction in inflation to 22.97% as recorded in May.
Despite these positive indicators, the IMF noted that the assumptions underlying Nigeria’s N54.99 trillion 2025 budget may be overly optimistic given the evolving oil market conditions. The budget had been drafted based on a projected oil price of $75 per barrel.
Current trading figures show Brent crude at $68.68 and West Texas Intermediate at $67.04, both significantly below the budget benchmark. The report pointed out, “2025 budget needs to be recalibrated to lower oil prices,” urging Nigeria to align its revenue expectations with market trends.
Market analysts observed that oil prices only briefly touched the $75 mark during the escalation of hostilities between Iran and Israel in mid-June, and have since declined, raising concerns about Nigeria’s revenue projections.
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