With the production benchmark set by the National Assembly, Nigeria is supposed to have an output of 50.7 million barrels every month. While the country has a benchmark oil production of 1.69 million bpd for the year, Nigeria has barely managed to produce 70 per cent of that figure between January and April.Ī review of the data indicated that while Nigeria was supposed to produce an average of 202.8 million barrels for the period under consideration, going by the budget projection, but the country was able to drill 144.8 million barrels, leaving a deficit of 57.94 million in the first four months. Nigeria’s already high budget deficit of N12.1 trillion may widen in 2023, following the country’s underproduction of crude oil to the tune of 58 million barrels in the first four months of this year, THISDAY analysis of data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown.
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