Federal Government’s Crude Oil Earnings Surge by N449 Billion in Two-Month Spree.

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In the period spanning December 2023 and January 2024, the Federal Government witnessed a substantial increase of approximately N449.93 billion in earnings from crude oil, as highlighted in the latest reports on Nigeria’s oil production. Despite the absence of February 2024 figures, data from the Nigerian Upstream Petroleum Regulatory Commission suggests a persistent upward trajectory in oil output during the specified months.

The surge in crude oil production, excluding condensates, amounted to 3.88 million barrels in December 2023, contributing to an additional $301.2 million or N244.79 billion at the exchange rate of N812.7/$. Similarly, January 2024 saw a boost of 2.81 million barrels, resulting in an extra $225.14 million or N205.14 billion, given the average official exchange rate of N911.19/$.

The cumulative increase in earnings for December 2023 and January 2024 reached an impressive N449 billion. The Nigerian Upstream Petroleum Regulatory Commission’s reports underscored the government’s strategic move to set a new crude oil production target of 2.5 million barrels per day, aiming to enhance the country’s foreign exchange reserves. Gbenga Komolafe, the Chief Executive of NUPRC, emphasized the vast potential in Nigeria’s oil and gas reserves, presenting opportunities for economic growth and development.

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