Nigeria oil revenue projection N9tn threatened as FG blames theft, vandalism, subsidy

Nigeria’s oil production slumped by 28 million barrels between January and July 2022, threatening the Federal Government’s N9.37tn oil and gas revenue target by the end of the year.

The Federal Government in the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper recently presented by the Minister of Finance, Budget, and National Planning, Dr Zainab Ahmed, blamed oil production shut-ins due to pipeline vandalism, crude oil theft, and high petrol subsidy cost.

Most industry experts also attributed the decline to oil theft, which appears to have defied solutions.