From the Nigerian Economic Summit Group (NESG) comes a stern warning to the federal government to fortify its economic revitalisation framework as the persistent slowdown in Nigeria’s oil and gas sector may jeopardise the effective implementation of the 2025 national budget.
In its latest publication, “NESG 2025Q1 GDP Alert,” the private sector-led think tank noted that the country’s crude oil production in the first quarter of 2025 fell significantly below the government’s budget benchmark of 2.06 million barrels per day (mbpd).
The shortfall, it said, translates directly into lost revenues that are vital for funding critical government programmes and services outlined in the budget.
“Persistent slowdown in the oil and gas sector poses a threat to the execution of the 2025 budget.
“In 2025Q1, the average crude oil production is significantly below the budget benchmark of 2.06mbpd, translating to lost oil revenues needed to implement the budget. This suggests the urgent need to resolve challenges facing domestic crude oil production, including ageing infrastructure, oil theft, pipeline vandalism, and kidnapping of expatriate workers,” the report stated.
