The Lagos Chamber of Commerce and Industry has urged the Federal Government to reassess the assumptions underpinning the 2025 national budget, warning that falling global oil prices pose a threat to Nigeria’s fiscal outlook.
In a statement issued on Thursday, LCCI Director-General Chinyere Almona said the sharp drop in crude prices below the $75 per barrel benchmark could undermine budget execution and economic stability.
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Concerns were further amplified by the latest projections from the International Monetary Fund and World Bank, which trimmed Nigeria’s growth forecast to 3 percent in 2025 and 2.7 percent in 2026, citing weaker global demand and market volatility.
While acknowledging reforms such as exchange rate unification and the suspension of Central Bank deficit financing, the LCCI maintained that these measures alone would be inadequate to safeguard the economy in the face of deepening global headwinds.
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