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In contrast to the standard set by the 2022 Budget of 1.88 million barrels per day, Nigeria’s oil output averaged 1.34 million barrels per day in the first 10 months of 2022, costing the country around 161.58 million barrels in lost production.
At an average crude oil price of $95 per barrel, this translates to an estimated loss of $15.35 billion for the nation.
According to the most recent data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, total oil output for the first ten months was 409.94 million barrels, which was less than the 571.5 million barrels allocated in the budget.
The report also revealed that, compared to the 497.55 million barrels of oil produced over the same period in 2021, oil production declined by 21.37 percent in the first 10 months of 2022.
The Budget Office reports that in contrast to the prorated budget prediction of N4,684.98 billion for the period, gross oil revenues totaling N2,172.35 billion were actually obtained in the first half of 2022.
This represents a decrease from the 2022 half-year budget forecast of N2,512.63 billion (53.63%).
However, according to the agency, this represents an increase of N272.56 billion (14.35%) over the actual performance of the first half of gross oil revenues as reported in 2021.
Only Crude Oil and Gas Sales, which totaled N489.38 billion, exceeded the half-year prediction of N437.03 billion by N52.35 billion, according to a breakdown of the revenue by sub-head (11.98 percent).
It was noted that other Oil Revenue components missed their respective mid-year forecasts.
Petroleum Profit and Gas Taxes, Royalties (Oil & Gas), Concessional Rentals, Gas Flared Penalty, Incidental Oil Revenue (Royalty Recovery & Marginal Field Licenses), and Miscellaneous (Pipeline Fees, etc.) fell below their half year projections of N2,786.15 billion, N1,277.0 billion, N3.21 billion, N55.27 billion, N97.54 billion, and N28.78 billion by N1,
According to NEITI, Nigeria made $741 billion over 22 years.
According to the Nigeria Extractive Industries Transparency Initiative (NEITI), between 1999 and 2020, Nigeria received $741.48 billion from oil and gas.
This was because it insisted that the Petroleum Industry Act’s (PIA) successful execution remained inviolate for raising the country’s oil income.
This information was disclosed by the Executive Secretary, Dr. Orji Ogbonnaya Orji, at an Abuja stakeholder engagement conference on the implementation of the Petroleum Industry Act.
He said that from 1999 to 2020, NEITI had completed and published 25 cycles of audit reports in the oil and gas sector.
He claims that from 1999 to 2020, the NEITI conducted and released twenty-five (25) cycles of audit reports in the oil and gas industry.
Source: Oriental News Nigeria.
