Uncertainty trails Nigeria’s production despite OPEC projection

The Guardian Nigeria | Sep 14, 2021 at 2:00 AM
  • OPEC’s latest Monthly Oil Market Report (MOMR), published yesterday, showed that Nigeria pumped 1.27 million barrels per day (mbpd) last month, lower than 1.38mbpd in July.
  • Nigeria’s crude fell from an average 1.36 million barrels per day in January to 1.23 million b/d in August, representing a nine percent decline.
  • Specifically, government’s revenue from January to May 2021 was N1.8 trillion, a 33.3 per cent shortfall of the budgeted amount, compared to an expenditure profile of N4.86 trillion, representing 92.7 per cent of the prorated budget.