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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.”
The Nigerian National Petroleum Company Limited, NNPCL, has slashed its fuel pump price for the second time within four days.
A market survey on Saturday by DAILY POST showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja have reduced their petrol price to N1210 per litre, down from N1260.
This means that the state-owned oil firm slashed the petrol price by N50 per litre.
This comes barely two days after Dangote Refinery reduced its petrol gantry price by N50 to N1,125 per litre.
Recall that four days ago, NNPCL had adjusted its fuel price pump by N75 per litre to N1260.
With the latest drop by NNPCL retail outlets, petrol prices stand between N1210 per litre and N1305 per litre in Abuja and its environs.
The reduction in domestic fuel comes amid falling crude oil prices, which stand at $69 per barrel and $71 per barrel for West Texas Intermediate and Brent crude, respectively, following the easing of the conflict in the Middle East.
Recall that President Bola Tinubu has kept mum amid the clamour by Nigerians for a commensurate drop in domestic fuel pump prices due to the significant reduction in crude oil prices.
The Independent National Electoral Commission, INEC, has said it is yet to receive the Certified True Copy, CTC, of the Federal High Court judgment that set aside an earlier order directing it to register the Nigeria Democratic Congress, NDC, as a political party.
INEC revealed this in a statement issued on Saturday by its Chief Press Secretary and Media Adviser to the Chairman, Adedayo Oketola.
According to the commission, although it is aware of media reports on the judgment delivered by the Federal High Court sitting in Lokoja on June 26, it cannot comment on the ruling until it obtains and reviews the certified copy.
The Independent National Electoral Commission, INEC, is aware of reports circulating in the media regarding the judgment delivered on Friday, June 26, 2026, by the Federal High Court sitting in Lokoja, which set aside an earlier order concerning the registration of the Nigeria Democratic Congress.
“However, as of this moment, the Commission has not yet received the Certified True Copy, CTC, of the court’s order,” the statement said.
INEC stated that its legal department would study the judgment upon receipt of the CTC before advising the commission on the next course of action.
“Once the Commission’s legal department receives and thoroughly studies the CTC of the judgment, INEC will take an informed, lawful decision in line with the court’s directives.
“Until then, we cannot comment on the specifics of the ruling, and the public is urged to await the Commission’s formal position on the matter,” Oketola added.
Justice Isah Dashen of the Federal High Court in Lokoja had on Friday set aside the court’s December 10, 2025, judgment directing INEC to register the NDC as a political party.
The court held that the rights of the Peace Movement Party were affected by the earlier judgment because it was not joined in the suit despite claiming ownership of the logo relied upon in securing the registration order.
Justice Dashen consequently ordered that all parties be restored to the positions they occupied before the December 2025 judgment and directed that the substantive suit be heard afresh with all necessary parties joined.
The NDC has rejected the ruling and announced plans to appeal the decision. Its National Chairman, Senator Moses Cleopas, maintained that the party had not been deregistered and argued that the trial court lacked jurisdiction to revisit a matter on which it had already delivered a final judgment.
The ruling has also attracted reactions from opposition figures, including the NDC’s presidential candidate, Peter Obi, the party’s National Leader, Senator Henry Dickson, and other stakeholders, who described the decision as a threat to Nigeria’s multiparty democracy and vowed to challenge it through all available legal channels.
INEC, however, maintained that it would reserve its position on the judgment until it receives and reviews the Certified True Copy.
A joint police operation rescued five victims abducted near Ogbere Forest in Ogun state on Wednesday.
They were rescued within 25 hours by the Lagos and Ogun Police Commands, which were part of a joint operation codenamed KOSAYE, meaning “No Space” in Yoruba.
The woman was among the victims who were shot in the incident. Her daughter and sister were among those rescued by the police on Thursday.
NNPC slashes petrol price twice within four days
Lokoja Court order: INEC speaks on NDC, says it’s yet to receive CTC
Just in: Police rescue five abductees in Ogun
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