Nigeria’s Oil Revenue Surges As Crude Production Rises - Politics

Nigeria’s Oil Revenue Surges As Crude Production Rises - Politics - Nairaland

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Nigeria’s Oil Revenue Surges As Crude Production Rises by lexylaw09(op): 4:13pm On Mar 11, 2024

Recent data from Nigeria’s oil production and revenue have revealed a surge in the country’s oil earnings.

Crude oil earnings increased by N449.93 billion during the months of December 2023 and January 2024, according to the latest information available.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is yet to release oil production figures for February 2024.

However, data so far indicates a consistent upward trend in Nigeria’s oil output during December 2023 and January 2024.

In December 2023, the country’s crude oil production (excluding condensates) saw a notable increase of 3.88 million barrels compared to the previous month.

With the average cost of Brent crude at $77.63 per barrel, this boost in production translated to an additional $301.2 million, equivalent to N244.79 billion at the official exchange rate of N812.7/$ in December 2023.

Further, January 2024 witnessed an additional 2.81 million barrels of crude oil production compared to December 2023, with Brent crude averaging at $80.12 per barrel.

Consequently, the Federal Government increased its crude oil earnings by $225.14 million in January, equivalent to N205.14 billion at the average official exchange rate of N911.19/$.

The cumulative effect of the increased earnings in December 2023 (N244.79 billion) and January 2024 (N205.14 billion) shows a substantial additional revenue of N449 billion during the two-month period.

Nigeria’s crude oil production remains a focal point for economic growth, with the NUPRC setting a new target of 2.5 million barrels per day to enhance the country’s foreign exchange reserves.

The Chief Executive of NUPRC, Gbenga Komolafe, emphasized the commission’s commitment to implementing the Petroleum Industry Act for sustained development and prosperity, offering potential investment opportunities for the nation.

https://punchng.com/oil-earnings-rise-by-n450bn-in-two-months-says-fg/?amp

22 Likes 2 Shares

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by donbrowser(m): 6:55pm On Mar 11, 2024

Switch "surges" with "nosedives" and "rises" with "plummets" then watch one packaged fraud rush to his ~~Twitter~~ blog page like someone whose life depends on Elon's revenue.

I did not mention name.

18 Likes 2 Shares

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by iLoveYouToo(m): 6:55pm On Mar 11, 2024

Omor until this translates to a better life for us all, it's useless growth

42 Likes

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Vixlot: 6:55pm On Mar 11, 2024

Nigeria will be great again . Just wait for wailing wailers to invade this beautiful thread

46 Likes 3 Shares

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by grrr: 6:56pm On Mar 11, 2024

Good news

7 Likes

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by StOla: 6:57pm On Mar 11, 2024

This is good news.

New oil wells and fields are coming online, and leakages are being blocked, and Tantita and the Nigerian Navy are more alive to their responsibilities.

11 Likes

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by AzuNas: 6:57pm On Mar 11, 2024

Alright. . . . . . . Aje

Na make comman get d benefits be d issues, make dem just provide the basics.

Abeg

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by havenz(m): 6:57pm On Mar 11, 2024

Never the less this administration can never fix Nigeria not even the way they met it, Tinubu has caused more harm in the life of ordinary nigerians.

3 Likes

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by fran6co(m): 6:57pm On Mar 11, 2024

Still hunger ravages out land

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Af0nja2: 6:57pm On Mar 11, 2024

ipOBI will still doubt this.

Wait for the children of anger.

1,2,3 go....

9 Likes 1 Share

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by atobs4real(m): 6:58pm On Mar 11, 2024

Good one.
The oil sweet ganiiiiii ooo

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Ttalk: 6:58pm On Mar 11, 2024

Nice one

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by okomile(f): 6:58pm On Mar 11, 2024

We shall eat d fruits of the land
grin

1 Like

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by bigdammyj: 6:59pm On Mar 11, 2024

Noted.

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by BarrElChapo(m): 6:59pm On Mar 11, 2024

🤔

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Ttipsy(f): 7:01pm On Mar 11, 2024

Yet no local refinery to refine the abundant natural resources

Useless leaders

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by davodyguy: 7:02pm On Mar 11, 2024

Until there's increase in dollar in flow from crude oil sales and CBN sell to BDCs

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by perragy(m): 7:03pm On Mar 11, 2024

All these news are nonsense... we keep hearing all these. Where are the proceeds from the sales? is it beneficial to us all?

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by obaidan: 7:04pm On Mar 11, 2024

Revenue from Crude oil surges, as always, they will go to sleep waiting for money from sales

1 Like

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by datola: 7:05pm On Mar 11, 2024

Good! Just that we are not feeling any positive impact of the 'surge'

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Faiththatworks(m): 7:07pm On Mar 11, 2024

Nigeria is on the March again, Asiwaju on the March.
That's the reason I believe Nigeria will get better,I read some Executive orders Asiwaju just signed recently.
God bless everyone involved in making sure there's an increase in the crude oil pumped out in Nigeria.
I said it some months ago,I'm very very sure Asiwaju has done some back hand dealings with the Niger-Delta Agitators, Asiwaju is the king of chop I chop Enterprises.
If Asiwaju can empower ordinary Area boys in Lagos,I wonder why anyone will think he won't make the men in the Niger-Delta billionaires.
Like i keep saying,The more dollars that flow,the merrier for Nigeria.
Hopefully this money will be deployed to the use of the majority of Nigerians,I also believe it's time Nigerians are more concerned with their Governors and leave the president.
God bless Nigeria

5 Likes

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Omalicious1: 7:22pm On Mar 11, 2024

lexylaw09:
https://punchng.com/oil-earnings-rise-by-n450bn-in-two-months-says-fg/?amp

Why can't we refine our crude oil in our own Country? This is a case of a carpenter, fixing other people's door but can't repair his own at home.

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by Praxis758: 7:34pm On Mar 11, 2024

Oil boom means fat monetary allocations to the state governments while the citizens wallow in abject poverty.

The black race is the enemy of the black race.

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by pocom16: 7:37pm On Mar 11, 2024

Good news
More Forex inflows...

NNPC should begin making provisions to supply local refineries in naira

https://www.youtube.com/watch?v=Ipv0Mt75Ipk

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by grandstar(m): 7:46pm On Mar 11, 2024

Re: Nigeria’s Oil Revenue Surges As Crude Production Rises by BABAawoo47: 7:55pm On Mar 11, 2024

Vixlot:
Nigeria will be great again . Just wait for wailing wailers to invade this beautiful thread

you don't need to tag ppl wailers...it should be normal reaction to the present economy we find ourselves. no one will be happy when literally everything has doubled and tripled overnight