Why Nigeria’s Oil Production Not Enough To Cover Petrol Import Costs – Zainab Ahmed

Posted by Nwa Diokpa Latest Headlines, News Across Nigeria Friday, May 27th, 2022

(AFRICAN EXAMINER) – Zainab Ahmed, minister of finance, budget and national planning, has stated that Nigeria’s low oil production won’t be able to cover the cost of imported petrol from its oil and gas revenue.

Ahmed made this known an interview with Reuters on the sideline of the World Economic Forum (WEF) in Davos.

The minister stated that the federal government hopes that oil production will average 1.6 million barrels per day (bpd) this year.

Ahmed said: “We are not seeing the revenues that we had planned for,” Ahmed said.

“When the production is low it means we’re … barely able to cover the volumes that are required for the (petrol) that we need to import.”

African Examiner writes that the federal government this year had budgeted 1.8 million bpd of production, however, frequent crude theft and attacks on pipelines have continued to affect the nation’s wealth.