Citi has projected that Brent crude prices could fall to $60 a barrel, a move that threatens to strain Nigeria's 2026 budget assumptions.
The forecast comes as the African nation grapples with the fiscal implications of lower energy revenues, even as domestic fuel costs continue to decline.
For Nigeria, where oil exports remain a critical source of foreign exchange and budgetary funding, a sustained drop to the $60 level could necessitate difficult fiscal adjustments or increased borrowing.
The bank's analysis suggests a significant downside risk to oil prices, which would directly impact government revenue projections tied to higher crude valuations.
For Nigeria, where oil exports remain a critical source of foreign exchange and budgetary funding, a sustained drop to the $60 level could necessitate difficult fiscal adjustments or increased borrowing.
This macro-level pressure coincides with ongoing developments in the Nigerian downstream sector.
Dangote Petroleum Refinery has recently announced further cuts to petrol prices, reducing the cost to N1,075 per litre.