• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, February 3, 2023
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

Nigeria’s Petroleum Import-Export Reveals $43bn Disparity

by Chika Izuora
6 months ago
in Business
Reading Time: 2 mins read
Brent Hits $120/b Moderates, As EU Meets On Russia Sanctions
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Nigeria’s petroleum imports has currently outweighed the value of its petroleum exports to the tune of $43 billion, according to report.

This is coming as the Budget Office revealed that Nigeria’s debt has exceeded its revenue in the first four months of the year despite high oil prices.

Nigeria, unlike other crude oil producers, has found it impossible to reap the benefits of today’s high oil prices, with oil revenues coming in 61 per cent below target during the period. That’s despite crude oil trading at highs not seen in years.

The country’s crude oil production was relatively steady at 1.376 million bpd in the first quarter of this year compared to the previous quarter, according to the Organisation of Petroleum Exporting Countries(OPEC’s) Monthly Oil Market Report, and 34,000 bpd below the same quarter last year.

While Nigeria’s production slipped further in June 2022 to 1.238 million bpd, Nigeria’s oil revenue problem didn’t stem from a drop in production.

Petroleum Petroleum Petroleum
ADVERTISEMENT

The federal government has continued to battle oil theft, pipeline vandalism, and most critically, high petrol prices, which the country subsidizes.

RELATED

Commissioner Laments Frosty Relationship With Aero Contractors

Commissioner Laments Frosty Relationship With Aero Contractors

13 hours ago
fuel queue

Fuel Scarcity: Over 120 DSS Officials Deployed To Monitor Truck Drivers – Kyari

13 hours ago

The severe revenue shortfall does not allow Nigeria to service its debt as the cost of petrol subsidy will be about 10 times what it had originally budgeted.

This was revealed by president Muhammadu Buhari in an April letter he shared with the National Assembly.

In the letter, Buhari noted that the cost of that subsidy is expected to be just south of $10 billion.

Unlike other major oil producers that have benefited handsomely from higher crude oil prices, Nigeria has negligible refining capacity, forcing it to import nearly all of the gasoline it consume and the government pays today’s high costs for the petrol while continuing to sell it onto the consumer for much less in order to keep prices at 39 cents.

 

SendShareTweetShare
Previous Post

Strong Fiscal Policy Key To Oil & Gas Sector Growth’

Next Post

Banks, OPS To Brainstorm On Synergy For Economic Growth

Chika Izuora

Chika Izuora

YOU MAY LIKE

Commissioner Laments Frosty Relationship With Aero Contractors
Business

Commissioner Laments Frosty Relationship With Aero Contractors

13 hours ago
fuel queue
Business

Fuel Scarcity: Over 120 DSS Officials Deployed To Monitor Truck Drivers – Kyari

13 hours ago
MTN nigeria
Business

NGX, MTN To Enhance Financial Inclusion

13 hours ago
Next Post
Banks, OPS To Brainstorm On Synergy For Economic Growth

Banks, OPS To Brainstorm On Synergy For Economic Growth

ADVERTISEMENT

LATEST UPDATES

Creative Revolution: Nigerian Women Who Are Rewriting The Narrative

Creative Revolution: Nigerian Women Who Are Rewriting The Narrative

February 3, 2023
 2023 Polls: Minister Meets Google, Facebook On Curbing Fake News

 2023 Polls: Minister Meets Google, Facebook On Curbing Fake News

February 3, 2023
Bandits Attack Security Checkpoint, Burn 3 Vehicles In Katsina

JUST-IN: 41 Die In Katsina Terrorist Attack

February 3, 2023
Buhari Mourns Air Commodore Dan Suleiman

Buhari Mourns Air Commodore Dan Suleiman

February 3, 2023
New Naira: ICPC Arrests Bank Officials, Others Over Sabotage In Abuja, Osun

New Naira: ICPC Arrests Bank Officials, Others Over Sabotage In Abuja, Osun

February 3, 2023
Atiku Spurns G-5 Govs Because Of Aso Rock Cabal’s Support – Wike

Atiku Spurns G-5 Govs Because Of Aso Rock Cabal’s Support – Wike

February 3, 2023
70 Years After, IYL Changes Name, Plans Humanitarian Projects

70 Years After, IYL Changes Name, Plans Humanitarian Projects

February 3, 2023
EFCC Grills Actress For Spraying, Stepping On New Naira Notes 

EFCC Grills Actress For Spraying, Stepping On New Naira Notes 

February 3, 2023

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.