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Nigeria loses over N11b daily amid OPEC’s under-performers

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NIGERIA is losing N11.7 billion in daily crude oil production.

A report published yesterday by Organisation of Petroleum Exporting Countries (OPEC) shows Nigeria’s January 2022 oil output stands at 1.399 million barrels per day (mb/d).

  Analysts say this means that the nation recorded an under-production of about 302,000 barrels per day, compared to 1.701 mb/d OPEC quota.

  They also said that with this latest output, at the current $93 per barrel and official exchange rate of N416.67 to a US dollar, the data obtained from the OPEC February 2022 Monthly Oil Market Report, MOMR, further showed that the nation loses about N11.7 billion daily and N330 billion monthly.

  While the amount lost could have covered at least 73 per cent of Federal government personnel costs for the month of January 2022, the federal government is expected to spend N4.87 trillion on its personnel which comes to about N406.3 billion monthly under the year’s budget.

  This productivity loss OPEC ranks Nigeria 17th among under-performers below Angola, Congo and Equatorial Guinea.

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