“The extremely low price of crude oil at $65 per barrel is really bad based on the benchmark that was used for the budget for this year.” – Clement Isong
Nigeria’s 2025 budget faces fresh setbacks as global crude oil prices slump below the benchmark of $75 per barrel, falling to $64.16 for Brent and $60.73 for WTI.
The crash, triggered by U.S. President Donald Trump’s sweeping import tariffs and retaliatory action from China, has wiped $10 off per barrel, sparking economic concern.
Clement Isong, Executive Secretary of the Major Energies Marketers Association of Nigeria, said, “The extremely low price of crude oil at $65 per barrel is really bad based on the benchmark that was used for the budget for this year.”
Retailers expect potential relief at the pump. “Fuel reduction should normally be expected,” said Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association.
Experts warn of increased borrowing. “Crude price crash is bad for Nigeria… we will have to go and borrow,” noted Prof. Dayo Ayoade.
The Federal Government had projected N19.6tn in oil revenue, now at risk due to falling production and prices.