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Fresh concerns over budget 2025 as oil price drops to $59 per barrel
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There were increased concerns over the implementation of Nigeria’s 2025 budget, weekend, as oil price dropped further to $59 per barrel from more than $70 per barrel, the lowest this year.
This is about 15.7 percent lower than this year’s peak price of over $70 per barrel.
Funding of the budget was benchmarked on $75 per barrel and more than two million bpd, including condensate. Also, in its April 2025 Monthly Oil Report, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, said the nation’s March 2025 oil output, including condensate dropped marginally to 1.6 million bpd from 1.7 million bpd in February, showing more than 300,000 bpd below the budget benchmark.
Oil prices have slumped since last Wednesday when President Donald Trump of the United States announced sweeping tariffs, expected to raise the effective U.S. tariff rate to its highest level in more than a century.
Also, checks by Vanguard indicated that the global oil market was negatively impacted, due to increased production and export from many nations even as the Organisation of Petroleum Exporting Countries, OPEC, and its allies, popularly known as OPEC+, move to phase out their voluntary oil output cuts by ramping up output in May by 411,000 barrels per day. In a telephone interview with Vanguard, yesterday, the National President of Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, said: “The oil market has become very volatile in recent times, due to factors beyond Nigeria. The nation needs to start looking beyond crude oil to generate adequate foreign exchange.”
Similarly, the Chief Executive Officer of Petroleum Price NG, Olatide Jeremiah, said: “We have a major drop in crude oil prices, which is capable of affecting the execution of the nation’s 2025 budget.”
On his part, the Chief Executive Officer, CEO, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, had said: “As consumers, we are happy that the price is coming down, but as a nation, it’s not good for our economy because our revenue inflow is also impacted.
“Most importantly, what is even destabilising the market is inconsistencies in the way President Trump also sends his policies. He moves today. Tomorrow, he reverses. So, it’s been challenging to predict the next level.
“Recently, as we all know, the global oil market, not only oil market, but the global economy has been a bit volatile, in the sense of the new American government’s policy of tariffs, not only targeted at China but the whole countries across the world.
Investors and traders in not only the oil and gas industry but in general economies of the world are moving left and right to the extent that some are doing day trading.
That means you do your trading today. You close by the end of today because you never know what tomorrow’s policy will drive the market into.
“So, the crude oil and petrol products market continues to have a downward trajectory because of these inconsistencies and policies of the government of United States, and the key aspect of it is the aspiration of the American President to ensure that the crude oil pricing, or the crude oil price come down to maybe below $50 a barrel, that’s why he encourages more exploration in his country.”
He also, said: “We are happy as consumers of the derivatives of product pricing that the price is coming down, but when you look at it globally as a nation, it’s not good for our economy because our revenue inflow is also impacted.
“If the crude oil price, like what happened some Fridays ago, where it dropped in one day from about $73 a barrel to $60, you can see that in terms of our crude oil production, our revenue is impacted severely.
“This volatility will continue because as recently as yesterday, when President Trump again exempted some sectors from tariff, particularly to China, like in terms of vehicular tariffing, you saw the market again started to go up.”
Troops of Operation ENDURING PEACE, OPEP, in collaboration with the Civilian Joint Task Force, CJTF, have arrested a suspected kidnapper linked to the abduction of a resident in Kauru Local Government Area of Kaduna State.
This was contained in a statement posted on X by the Nigerian Army.
The post identified the suspect as Buba Ali, 30, adding that he was arrested at about 12:45 pm on Sunday, August 9, at Binawa village in Kauru Local Government Area.
According to post, the suspect was arrested during a joint operation conducted by troops of Sector 7 OPEP and members of the CJTF.
It said the suspect was reportedly linked to the kidnapping of Alhaji Tasi, who was abducted in the village.
“Following his arrest, Ali was taken into custody and is currently being interrogated by security personnel.
“The ongoing investigation is focused on obtaining information that could lead to the identification and arrest of other members of the suspected kidnapping gang,” the Army said.
Nigerian ambassador to South Africa, Femi Fani-Kayode, has rejected claims by an Islamic scholar, Sheikh Yahaya Jingir, that Nigeria is a Muslim country.
In a viral video, Sheikh Jingir, who was preaching to Muslims at an event, said “if you don’t want to accept a Muslim-Muslim ticket, you should leave Nigeria because it belongs to us”.
The comment has continued to generate backlash online as Christians rejected the claim.
Reacting, Fani-kayode in a statement posted on his official X handle on Sunday night, said the cleric’s remark is unhelpful and untrue.
“Worse of all is the fact that it is highly provocative,” the former aviation minister said.
“Kindly take note that it is a very slippery and dangerous slope to take and is best avoided. Nigeria is NOT a Muslim country and neither is she a Christian country.
“She is a SECULAR and MULTI-RELIGIOUS state comprising BOTH Christians and Muslims in equal numbers and that is our strength,” FFK added.
He further stated that President Bola Tinubu’s Muslim/Muslim ticket for 2027 is gaining acceptance “only because of the calibre, ability, sincerity of purpose, character, utility and electoral strength of our Presidential and Vice Presidential candidates and their ability to deliver and not because they are Muslims”.
“One day we may have a Christian/Christian ticket too because with God all things are possible,” he added.
The Osun State Police Command has confirmed the release of the state Commissioner for Environment and Sanitation, Moyowa Adejoorin, who was arrested in connection with a shooting incident at an All Progressives Congress, APC, rally in Ilesa.
The incident occurred on Saturday and reportedly left four people injured, including a teenager identified as Tobi Ilesanmi.
The command’s spokesperson, DSP Abiodun Ojelabi, said Adejoorin was taken into custody after police officers arrived at the scene, secured the area and began collecting evidence.
According to Ojelabi, the commissioner’s vehicle was stopped at the location, where an Amotekun operative allegedly linked to the shooting was also found.
“Immediately the incident was reported, our personnel moved to the scene and cordoned off the area before some exhibits were recovered, which included expended cartridges and Amotekun personnel caps.
“Also, Mr Adejoorin was arrested at the scene and taken to the command for questioning as part of the investigation process,” Ojelabi said.
The development came amid heightened attention to the incident after a video circulated on social media on Sunday showing Adejoorin leaving the police command.
Confirming the development, Ojelabi told Vanguard that the commissioner had been released on bail but said he was still awaiting clarification on the status of the Amotekun operative who was arrested alongside him.
“It is true that the commissioner has been released on bail today, but I am yet to clear the situation with the Amotekun personnel arrested with him,” he said.
Police investigations into the circumstances surrounding the shooting are ongoing.
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