The Nigeria Employers’ Consultative Association has stated that the country has been losing about $2.5bn monthly for failing to meet the 1.8m barrel per day crude oil production allocation by the Organisation of Petroleum Exporting Countries.
In a statement, the Director-General of NECA, Adewale-Smatt Oyerinde, claimed that though the country’s crude oil production grew by 4.2 per cent to 1.23 million barrels per day in December 2022, it was still short.
According to him, oil theft seemed to continue unabated and the unsustainable subsidy on petroleum products had joined to reduce the government’s revenue, leading to absurd debt accumulation. “Crude oil production grew in the month of December 2022 by 4.2 per cent month-on-month to 1.23m barrel per day, but remained significantly short of the 1.8m barrel per day allocated by OPEC to the nation, amounting to about $2.5bn loss monthly at an average of $100pb,” he remarked.
“Deliberate efforts must be made to reverse some of the current policies and implement new ones. All leakages associated with government revenue must be blocked . A wholesome review of the tax administration to make it more equitable and investor-friendly should be initiated”
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