The Nigeria Employers’ Consultative Association, NECA, disclosed that the nation has lost close to $2.5 billion monthly over failure to meet the 1.8m barrel per day crude oil production allocation by the Organisation of Petroleum Exporting Countries, OPEC.
In a statement, the Director-General of NECA, Adewale-Smatt Oyerinde, claimed that though the country’s crude oil production increased by 4.2 per cent to 1.23 million barrels per day according to December 2022 data, it remained inefficient.
According to him, oil theft seemed to continue unabated, and the unsustainable subsidy on petroleum products had joined to reduce the government’s revenue, leading to excessive debt accumulation.
“Crude oil production grew in December 2022 by 4.2 per cent monthly to 1.23m barrel per day, but remained significantly short of the 1.8m barrel per day allocated by OPEC to the nation, amounting to about $2.5bn loss monthly at an average of $100pb,” he remarked.
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