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