FG Blames Trump and Oil Crash for Nigeria’s Economic Woes — Critics Call It a Scapegoat Move

In a shocking admission that borders on economic surrender, the CEO of Nigeria’s Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has pointed fingers squarely at former U.S. President Donald Trump’s erratic policy playbook for Nigeria’s deepening oil crisis.

Speaking at the Aso Rock Villa on Tuesday, Ahmed didn’t hold back — blaming Nigeria’s vanishing oil revenue on “inconsistent” and “unpredictable” U.S. trade moves, particularly the chaotic tariff threats and reversals issued under Trump’s return to political relevance.

“Trump moves today, reverses tomorrow,” Ahmed said, seemingly bewildered by the impact of American policy on Nigeria’s bottom line. “We’ve seen crude drop from $73 to $60 in one day. That’s economic sabotage for oil-reliant countries like ours.”

But critics are asking: why is Nigeria’s economic future tied to the whims of a foreign leader? And more urgently, why has the government done so little to cushion the blow?

The numbers are grim. Crude oil production is down to 1.4 million barrels per day. A mere $10 dip in global prices shaves billions off national revenue, destabilizing the naira and sinking foreign reserves. And while consumers might cheer cheaper fuel at the pump, the national treasury is bleeding dry.

Ahmed admitted the contradiction: As consumers, we’re happy prices are falling. But for the nation, it’s a disaster.

A Fragile Economy at the Mercy of Global Powers

Analysts say Nigeria’s over-dependence on oil has turned it into a hostage of global volatility. Trump’s trade spats with China, impulsive tariff waivers, and his obsession with cheap oil to boost U.S. exploration have sent shockwaves through global markets — and Nigeria’s economy is among the hardest hit.

“Day traders are running the oil market now,” Ahmed said. “You trade today and close the same day because nobody knows what the next U.S. policy will do to prices.

The NMDPRA chief also revealed a massive crash in petrol imports — from 44.6 million litres per day in August 2024 to just 14.7 million by April 2025. That’s a jaw-dropping 67% drop. Meanwhile, local supply has increased, but not without caveats.

Is the Refining ‘Success Story’ Just a Smokescreen?

Ahmed hailed the rebound in domestic fuel production, citing a 670% surge in local supply and the long-delayed comeback of the Port Harcourt Refinery. But skeptics argue the celebration is premature. Government data shows that despite the hype, Nigeria only crossed its 50 million litres/day consumption target twice in eight months.

“One refinery starts working and suddenly we’re fine?” one industry insider quipped. “That’s political spin, not economic stability.”

The Bigger Picture: Nigeria’s Oil Gamble is Backfiring

What emerges is a troubling portrait of a fragile economy yoked to a single commodity, crippled by sabotage, weak infrastructure, and a global market it can’t control. Ahmed’s statements raise more red flags than reassurance: a government reactive, not proactive; a nation still without a long-term exit from the oil trap.

As Trump reportedly eyes another U.S. presidency, the question for Nigeria isn’t what America will do next — it’s why we’re still this vulnerable at all.