This study was aimed at using multiple regression technique to analyze the effect of oil price on the Nigerian macroeconomic variables from 1990 to 2015. In a bid to achieve the above objectives, null and alternative hypotheses were formulated to guide the study. The statistical technique discussed in this study was used to justify the hypotheses, and the SPSS statistical software was employed to ease the analysis. The analysis revealed that there is significant relationship international oil price and macroeconomic variables. Further analysis based on the individual test shows that unemployment rate contributes positively to international oil price, while interest rate contributes negatively to international oil price. Again, the result showed that inflation rate, exchange rate, and RGDP do not have any effect on international oil price. The coefficient of determination (R²), which indicated the proportion in Y that is explained by X's turned out with a percentage of 83.4% showing that there was a strong relationship between the international oil price variable and the macroeconomic variables.