Nigeria, July 3 -- The forecast comes as Brent, which traded as high as $115 per barrel in May, has eased to around $72 following the return of stability to global oil markets.

The News Chronicle reports that Nigeria's 2026 budget is based on an oil benchmark of $64.85 per barrel and a daily production target of 1.84 million barrels. A further drop in crude prices, combined with lower-than-expected production, could widen the fiscal deficit, weaken foreign exchange earnings and increase the country's reliance on borrowing.

This outlook is attributed to easing geopolitical tensions, the resumption of shipping through the Strait of Hormuz, softer demand from China and rising global oil supply.

Goldman Sachs and Morgan Stanley have also ...