The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed has come out to say that inconsistent tariff policies under Donald Trump is negatively impacting Nigeria’s economy. He recently had his say while speaking during the Meet-the-Press briefing organized by the Presidential Media Team at the State House, Abuja, and Nigerians have been reacting.
According to him, while falling petroleum product prices may appear beneficial to consumers, they clearly pose serious economic challenges for oil-dependent countries like Nigeria.
He added that the recent drop in crude oil prices—from $73 to $60 per barrel in a single day is a stark example of how revenue inflows are being disrupted.
His words, “As consumers, we’re happy that prices are dropping. But as a nation, it’s not good for our economy because our revenue inflow is significantly affected.
What destabilized the market was the inconsistency in U.S. policies. President Trump would announce one direction today, then reverse it the next day. That made it difficult for global markets to plan or forecast accurately.
The global oil market has been volatile—not just oil, but the entire global economy—because of aggressive U.S. tariff policies. These weren’t just targeted at China but at several countries.
Investors are reacting with uncertainty. Many now engage in day trading because they can’t predict what the next policy announcement might bring. This uncertainty contributes to the continuous decline in oil and refined product prices.
If the crude oil price drops by $10 per barrel, the implications on our economy, reserves, and currency are massive. So yes, consumers are happy, but as a nation, our fiscal health suffers.”
WOW.
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the University of Pennsylvania with a bachelor’s degree in economics in 1968. He became president of his father’s real-estate business in 1971 and renamed it the Trump Organization. He expanded its operations to building and renovating skyscrapers, hotels, casinos, and golf courses and later started side ventures, mostly by licensing his name. From 2004 to 2015, he co-produced and hosted the reality television series The Apprentice. He and his businesses have been plaintiff or defendant in more than 4,000 state and federal legal actions, including six business bankruptcies.
Donald John Trump was born on June 14, 1946, at Jamaica Hospital in Queens, New York City, the fourth child of Fred Trump, a Bronx-born real-estate developer whose parents were German immigrants, and Mary Anne MacLeod Trump, an immigrant from Scotland. Trump grew up with older siblings Maryanne, Fred Jr., and Elizabeth and younger brother Robert in the Jamaica Estates neighborhood of Queens, and attended the private Kew-Forest School from kindergarten through seventh grade.
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