…Price of fuel expected to come down
Stephen Ukandu, Umuahia
Nigeria’s revenue projection for the 2025 budget is under threat as crude oil price has crashed in the global market as as result of the trade war between the United States and China.
US President Donald Trump has been imposing tariff hikes against so many countries including US traditional allies in his bid to revamp the US economy.
Nigeria’s N54.99 trillion 2025 budget, which is based on oil price of $75 per barrel and 2.06 million barrels per day (bpd), will be greatly affected by the tumbling, according to experts.
This, is however, expected to also result into a significant drop in the price of petroleum products.
As at Wednesday, April 9, the price of Bonny Light, Nigeria’s premium oil grade, dropped by 5.09 percent to $59.62 per barrel in the global market.
The decision of the Organisation of Petroleum Exporting Countries (OPEC) and its allies to increase oil production by 411,000 barrels per day (bpd) in May, 2025, also affected the drop in the price of crude.
