Nigeria’s crude oil production has risen to about 1.8 million barrels per day (mbpd), prompting local refiners and organised labour to renew calls for increased crude supply to domestic refineries and lower fuel prices.
President Bola Tinubu demonstrated foresight in July 2024, when he approved the use of the naira as the payment currency for crude oil supplied by the NNPC to the Dangote Refinery. Since the launch of the naira-for-crude initiative on October 1, 2024, Nigeria has experienced a strategic breakthrough amid the ongoing economic turmoil resulting from the Iran-Israel-US conflict in the Middle East.
Nigeria is ramping up efforts to strengthen crude oil production, with the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Bashir Bayo Ojulari, projecting an incremental increase of about 100,000 barrels per day (bpd) in the coming months.
The Federation Account Allocation Committee (FAAC) received 100 percent of profit oil from Production Sharing Contracts (PSCs) remitted by the Nigerian National Petroleum Company Limited (NNPC Ltd).
State Seek Transparency in $8.8bn Crude-for-loan Agreements
State governments have called for a forensic audit of Nigeria’s crude oil-backed borrowing arrangements, warning that opaque crude-for-loan and swap deals may be undermining inflows into the Federation Account.
Economic Confidential earlier reported that the Nigerian National Petroleum Company...
Senate Grills Ex-NNPC Boss Kyari Over N210trn Audit Concerns
The Senate on Thursday summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, over an alleged N210tn expenditure by the national oil company between 2017 and 2023, which...
