•As OPEC puts Nigeria’s crude oil output at 1.547m/d. •Oil price hovers at $69 per barrel
By Udeme Akpan, Energy Editor
THERE were fresh fears over the execution of Nigeria’s N54.99 trillion 2025 budget, yesterday, as the Organisation of Petroleum Exporting Countries, OPEC, put Nigeria’s crude oil output, excluding condensate, at 1.547 million barrels per day, bpd in June 2025.
This showed a marginal increase of 1.24 per cent from 1.528 million bpd recorded in May 2025, according to the organisation.
In its July 2025 Monthly Oil Market Report, MOMR, released yesterday, OPEC said this was based on data from secondary sources.
But when data obtained from direct communication were considered, OPEC put the nation’s output at 1.505 million bpd in June 2025, indicating a marginal increase from 1.453 million bpd recorded in May 2025.
Also, Nigeria’s Bonny Light, yesterday, hovered at $69 per barrel, indicating $6 per barrel below the nation’s $75 per barrel budget 2025 reference price.
The nation’s N54.99 trillion 2025 budget is based on $75 per barrel, 2.06 million bpd output and exchange rate N1, 500/$.
However, in an interview with Vanguard, yesterday, Wumi Iledare, Professor Emeritus in Petroleum Economics & Policy Executive Director, Emmanuel Egbogah Foundation, Abuja, said: “I recalled clearly expressing concern at the time that the budget assumptions bordered on daydreaming and were unrealistic. And now, here we are.
“The key budget anchors – production volume, oil price and costs – remain highly unpredictable, with significant deviations from the initial assumptions. This clearly shows that the budget process needs serious improvement.”
They shared actionable insights and personal experiences on forging strategic alliances that go beyond transactional relationships and lead to exponential growth.
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Wale Ayilara, who ventured into the real-estate business at a young age while in campus, said, “You need to leverage whatever you have. Start small, co-own properties with trusted friends. In university, I pooled funds with classmates to solve accommodation shortages. Real estate is unavoidable – everyone needs it – but risks like scams exist. Research, start modestly, and scale deliberately.”
For Mai Atafo who left a well-paying job to focus on his business because of his passion and vision, advised entrepreneurs to set boundaries to avoid conflicts. He also highlighted the key role that research plays in building strong businesses.