IMF also projected that Nigeria’s economy will grow at 3.4 percent on the back of higher oil output and falling inflation rate.
By Kehinde Okeowo
The International Monetary Fund (IMF) on Wednesday advised the President Bola Tinubu-led government to review its 2025 budget to reflect lower-than-expected global oil prices.
The global institution disclosed this in its Article IV Consultation Report on Nigeria which was released in Washington, DC, USA.
According to the IMF, Nigeria’s economy will grow at 3.4 percent on the back of higher oil output and falling inflation rate. but the “2025 budget needs to be recalibrated to lower oil prices,” to reflect market realities.
The body also praised the CBN for the exchange rate liberalization and other reforms by the monetary authorities which have increased capital flow into the country.
IMF advice comes as the country’s N54.99 trillion 2025 budget was benchmarked at a $75 per day crude oil price.
Prior to this development, the only time crude oil prices reached $75 per barrel was at the peak of the conflict between Israel and Iran around mid-June, 2025.
Meanwhile, Brent and West Texas Intermediate futures stood around $68.68 and $67.04 as of Wednesday morning.
