Nigeria’s 2025 budget faces a severe setback as crude oil prices drop to $64.16 per barrel, below the $75 projection. Experts warn of a larger budget deficit and financial instability.

Clement Isong of MEMAN states, “The low price of crude is bad for the budget. It could worsen the deficit.”

While fuel prices may drop, providing some relief, the crash raises concerns about Nigeria’s over-reliance on oil revenues and potential borrowing to cover the shortfall.