Nigeria is planning to rake in about N84.67tn from the sale of crude oil in 2025.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed that the 2025 budget’s crude oil production target was 2.062 million barrels per day and the plan is to sell the crude at $75 per barrel.
The PUNCH reports that 2.062 million barrels per day translates to about 752.63 million barrels within the 365 days in the year.
At a rate of $75 per barrel, 752.63mbpd will translate to $56.45bn. With the exchange rate standing at an average of N1,500 to a dollar, Nigeria is projecting roughly N84.67tn as revenue from crude oil sales.
According to a statement by the NUPRC, Komolafe, speaking recently at the Petroleum Industry Stakeholders Forum held at the Petroleum Technology Development Fund Towers in Abuja, acknowledged the need “to bridge the current production gap of 350,000 barrels per day to meet the 2025 budget’s crude oil production target of 2.062 million barrels per day at $75 per barrel.”
He emphasised the significance of collaboration towards overcoming challenges and enhancing industry performance, particularly as Nigeria’s economy remains heavily reliant on oil revenues.
