Nigerian Oil Revenue Expected To Surge To N6.9tn Per Month Amid Production Boom

Nigerian Oil Revenue Expected To Surge To N6.9tn Per Month Amid Production Boom

The Federal Government is on track to earn approximately N6.99 trillion monthly from the oil sector, following a significant boost in crude oil production. The Nigerian National Petroleum Company Limited (NNPCL), in collaboration with key stakeholders, has successfully raised production to 1.8 million barrels per day (bpd)..…….CONTINUE READING 

With the global price of Brent crude averaging around $81 per barrel in 2024—slightly lower than last year’s price of $101 per barrel—the country is expected to generate $145.8 million daily from oil exports. This amounts to $4.37 billion each month.

At an exchange rate of N1,600 to the dollar, the monthly earnings would total N6.99 trillion, a substantial increase thanks to the rise in output. NNPCL’s Group CEO, Mele Kyari, made the announcement at a meeting held at the Oil Production War Room in Abuja, presided over by Heineken Lokpobiri, Minister of State for Petroleum Resources.

Kyari, joined by senior officials from NNPCL, affirmed that the company’s strategic efforts have already resulted in production surpassing 1.8 million bpd, marking a major milestone for the industry. This performance aligns with the government’s budgetary targets, with plans to achieve 2 million bpd by year-end.

The NNPC also reported a rise in natural gas production, now at 7.4 billion standard cubic feet per day, a notable improvement from earlier in the year.

Key stakeholders, including government representatives and private security firms, have played a crucial role in ensuring this growth. The NNPC remains committed to maintaining this momentum, with expectations to meet the target of 2 million bpd by December.