A recent publication by the Nigerian Upstream Petroleum Regulatory Commission NUPPRC has disclosed that Over 3.5 billion barrels of oil and condensate reserves are locked in undeveloped fields across different basins in Nigeria.
At the current average price of $65 per barrel, the reserves are valued at about $227.5bn, translating to a staggering N341.25tn when converted at the exchange rate of N1,500 to a dollar.
It was gathered that this is over 600 per cent of the 2025 budget, which is N54.9tn. Using the 2025 budget costing, the amount is enough to build over two million primary health centres at the rate of N150m each. It can build over five million blocks of two classrooms at an average of N65m each. Also, 413,000 kilometres of roads can be constructed with the amount at N825m per kilometre.
The 2025 budget has a deficit of over N13tn. The fiscal plan makes provisions for N13.64tn in recurrent expenditure, N23.96tn for capital projects, N14.32tn for debt servicing, and N3.65tn for statutory transfers, while projecting a deficit of N13.08tn to be financed through domestic and external borrowing.
According to a report by the Debt Management Office, Nigeria’s total public debt rose to N149.39tn as of March 31, 2025, marking a year-on-year increase of N27.72tn or 22.8 per cent compared to the N121.67tn recorded in the corresponding period of 2024.
