Nigeria Earns $282 million daily from Crude Oil

Nigeria is earning about $282 million (about N42 billion) from oil revenue daily as a result of the increased production of crude oil, the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke has said.

The minister said yesterday as a result of the success of the Federal Government Amnesty Programme for repentant Niger Delta militant youths, Nigeria now earns average revenue of over $282 million dollars per day from crude oil based on the combined daily production figure of crude and condensate which stands at 2.4million barrels.

“Many of you will recall that eight months ago, the nation’s crude oil production was as low as one million barrels per day. However, as I speak to you today, thanks to the vigorous implementation of the Amnesty Programme of this administration, the story is different.”

Speaking at political rally of Peoples Democratic Party in Lagos, Mrs Madueke said that plans are on to speed up the process leading to the construction of three proposed Greenfield refineries in Lagos, Kogi and Bayelsa states to totally eliminate product importation while assuring that the ministry through the NNPC has intervened to ease off the recent artificially induced gap in the supply and distribution of kerosene in some parts of the country through massive injection of extra volumes of kerosene into the market to force down the price.

It means increased average revenue for government with which this administration is now using to provide the much desired dividends of democracy to the citizenry. Whether you look into education, roads or health care, there is improvement in the provision of these services to the citizens of this nation,’’ the minister stated.

Mrs. Alison-Madueke stated that in the weeks ahead, the Federal Government through the Ministry of Petroleum Resources will execute some binding MoUs with a consortium of International Oil and Gas firms for the construction of a Petrochemical plant and some fertilizer processing plants in Lagos and some other parts of the country valued at over $20 billion.

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