The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has revealed that oil production in Nigeria has significantly increased to 1.6 million barrels per day.
This surge marks a substantial rise from the previous production level, which was less than one million barrels per day just a few months ago.
Kyari shared this information during a media briefing organized by the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, in Abuja.
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Additionally, Kyari highlighted a notable decrease in petrol consumption, attributing it to a 30 percent reduction following the removal of the subsidy by President Bola Tinubu.
He said the reduction in fuel demand has led to a corresponding 30 percent decrease in NNPCL’s foreign exchange requirements for fuel imports.
During the briefing, Minister Edun unveiled an ambitious plan by the Tinubu administration to attract Nigerian funds held in domiciliary accounts, both within the country and abroad, with the aim of revitalizing the economy.
Furthermore, Kyari clarified that the $3 billion deal with the African Export-Import Bank (AFREXIM) was not a loan but a forward sale arrangement, noting that the agreement had not collapsed,