Nigeria’s budget under pressure as offshore oil output falls

Nigeria’s fiscal position remains under pressure despite a strong rally in international oil prices, as persistent weaknesses in offshore crude production leave output below the level assumed in the 2026 federal budget, MoneyAfrica said in its newsletter on Monday.
The country produced an average of 1.505 million barrels per day of crude oil in July, according to industry figures, keeping it marginally above its Organisation of the Petroleum Exporting Countries production quota of 1.50 million bpd for the third consecutive month.
However, July output was 4 per cent lower than in June, reflecting technical disruptions at some offshore oil fields.
MoneyAfrica said while the performan...