Nigeria’s Minister of Power, Adebayo Adelabu, has raised concerns over the sharp drop in international crude oil prices, warning it could derail key infrastructure transformation projects across the country.

Speaking during a visit from EU Ambassador Gautier Mignot in Abuja, Adelabu lamented the dip in oil prices to $64.76 per barrel—well below Nigeria’s 2025 budget benchmark of $75. With crude oil accounting for over 90% of Nigeria’s foreign revenue, the shortfall poses a serious threat to government spending.

“We are looking at serious deficits. We might not even have enough after salaries, pensions, and debt servicing,” Adelabu stated, adding that the budget was based on 2 million barrels per day, while current output hovers at 1.7 million.

He called for stronger support from Western nations and international agencies to derisk investments—especially in the power sector—amid the country’s ongoing fiscal pressures.

EU envoy Mignot reaffirmed Europe’s commitment, highlighting the arrival of the European Bank for Reconstruction and Development (EBRD) in Nigeria as a new source of funding focused on private sector growth.