Nigeria faces fresh economic challenges as global oil prices plunge by $10 per barrel, settling at $64.9 on Friday.

This drop, fueled by U.S. tariffs and a potential trade war, threatens Nigeria’s already fragile economy, heavily reliant on oil exports.

The decline comes as OPEC+ announces plans to ramp up oil production, exacerbating the situation.

Nigeria’s 2025 budget, based on a $75 per barrel benchmark, now faces an uphill battle, with oil accounting for 90% of export earnings and 60% of government revenue.

The country is already grappling with inflation, a weakened naira, and costly fuel imports, while production remains below target due to pipeline issues and oil theft.

The $10 price drop and reduced output are a double blow to Nigeria’s fiscal stability.

The timing couldn’t be worse for President Tinubu’s administration as it struggles to meet its ambitious oil production goals.