Abuja, July 2025 – The Nigerian Federal Government is considering revising its 2025 national budget following a sharp drop in global oil prices. The International Monetary Fund (IMF) has issued a warning, urging Nigeria to implement urgent economic reforms to avoid a deeper financial crisis.

🛢️ Falling Oil Revenue: A Serious Concern
Nigeria relies on oil exports for about 80% of its income. With current prices falling below $60 per barrel—compared to the $78 projected in the 2025 budget—key government programs and infrastructure projects are at risk due to reduced funding.

💬 IMF: “No More Time to Waste”
The IMF spokesperson stated this is a “critical moment” for Nigeria. The organization is pushing for:

the removal of all fuel subsidies,

tax collection reforms,

and a simplified foreign exchange policy.

These steps are “essential to restore economic stability and investor confidence,” the IMF says.

📉 Citizens Already Struggling
The naira remains unstable, inflation has risen above 28%, and food prices have hit record highs. Many families are struggling to meet daily needs.

“If subsidies go again, we will go hungry,” said a Lagos market trader to Nigeria TV Info.

📊 What’s Next for Nigeria?
The coming weeks will be decisive. The Ministry of Finance is currently drafting alternative budget plans. Experts say decisions made now will impact not only the economy, but also the 2027 elections.