Crude Oil Production Drops to 2.4mbpd

After recording an all time high crude oil production figure of 2.7 million barrels per day (mbpd) late July, Nigeria’s production of crude oil now averages at 2.4 mbpd. According to a statement from the acting General Manager, Public Affairs of Nigerian National Petroleum Corporation (NNPC), Mr. Fidel Pepple, the latest production figure was made known by the Group Managing Director of NNPC, Mr. Andrew Yakubu, at a function in Kaduna.

If the trend persists, it may affect the Federal Government’s revenue projection for 2013 for which the nation hopes to spend N4.929 trillion. 

The Federal Government in the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper that President Goodluck Jonathan submitted to the National Assembly in July had hinged revenue projection on the production of 2.53 mbpd of crude oil.