Nigeria’s Crude Oil Production Not Enough For Petrol Imports
May 27, 2022 ·
55s
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Description
The Minister of Finance, Budget and National Planning, Zainab Ahmed says Nigeria’s low crude oil production means the country is barely able to cover the cost of imported petrol from...
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The Minister of Finance, Budget and National Planning, Zainab Ahmed says Nigeria’s low crude oil production means the country is barely able to cover the cost of imported petrol from its oil and gas revenue.
Ahmed, says she hoped Nigerian oil production would average 1.6 million barrels per day this year, up from around 1.5 million BPD in the first quarter.
She says the government had budgeted 1.8 million BPD of production blaming crude theft and attacks on oil infrastructure for the shortfall.
Ahmed however says the revenue planned was low and barely able to cover the volumes that are required for the petrol that needed to be imported.
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Ahmed, says she hoped Nigerian oil production would average 1.6 million barrels per day this year, up from around 1.5 million BPD in the first quarter.
She says the government had budgeted 1.8 million BPD of production blaming crude theft and attacks on oil infrastructure for the shortfall.
Ahmed however says the revenue planned was low and barely able to cover the volumes that are required for the petrol that needed to be imported.
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| Author | Africa Business Radio |
| Organization | Africa Business Radio |
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