An analysis of data in the latest reports on Nigeria’s oil production show that Crude oil earnings by the Federal Government increased by about N449.93billion naira in the months of December 2023 and January 2024.
Although the Nigerian Upstream Petroleum Regulatory Commission has yet to release oil production figures for February 2024, its latest data so far indicates that Nigeria’s oil output maintained a northward movement in the months of December 2023 and January 2024.
The country’s oil production (excluding condensates) increased by 3.88 million barrels in December 2023, when compared to what it pumped in the preceding month of November.
A summation of the increased earnings in December 2023 (N244.79bn) and January 2024 (N205.14bn) showed that the Federal Government earned additional N449bn during the two-month period.
