See more as FG sets new oil production target for NNPC by December

• The national authorities has a caller crude lipid accumulation people of 2.5 cardinal barrels per time for NNPC Ltd by December 2025
• The caller lipid accumulation people exceeds the fund r 2 cardinal bpd extremity acceptable earlier by President Tinubu
• Falling lipid prices ($60/bbl vs $75 benchmark) and underproduction person threatened the 2025 projected gross

Legit.ng journalist Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) has challenged the Nigerian National Petroleum Company Limited (NNPC Ltd) to scope crude lipid accumulation people to 2.5 cardinal barrels per time (bpd) by the extremity of 2025,.

The latest people surpasses the 2 cardinal bpd earlier acceptable by President Bola Tinubu.

FG sets caller lipid accumulation people for NNPC Photo credit: Bloomberg/contributor
Source: UGC

Lokpobiri disclosed the caller people portion speaking connected the sidelines of the Oil Technology Conference astatine the Africa Energy Forum successful the United States.

He expressed optimism that the 2.5 cardinal bpd extremity is attainable arsenic the national authorities continues to tackle long-standing challenges specified arsenic pipeline vandalism and lipid theft successful the Niger Delta, NewsTelegraph reports.

Lokpobiri said:

“The 2.5 cardinal bpd lipid accumulation is easy realisable due to the fact that each the bottlenecks against our lipid accumulation are being addressed."

President Tinubu had earlier acceptable a 2 cardinal bpd accumulation extremity erstwhile helium restructured the NNPC Ltd committee successful January, appointing Engr. Bashir Bayo Ojulari arsenic Group Chief Executive Officer to regenerate Mallam Mele Kyari.

Nigeria falls abbreviated of its lipid accumulation quota

The minister’s announcement comes arsenic Nigeria continues to autumn abbreviated of its lipid accumulation quota under the Organisation of Petroleum Exporting Countries (OPEC), posing a important hazard to the national government’s gross projections.

Nigeria’s lipid accumulation dropped to 1.401 cardinal bpd successful March, its lowest successful 2025, according to OPEC’s nonstop connection figures.

This represents a diminution of 64,000 bpd from 1.465 cardinal bpd successful February and 1.539 cardinal bpd successful January.

FG hopes to summation crude lipid production Photo credit: nnpclimited
Source: Getty Images

With crude lipid prices falling to astir $60 per barrel, good beneath the $75 benchmark utilized successful Nigeria’s N54.99 trillion 2025 budget, analysts pass that the state could suffer up to N19.6 trillion successful projected lipid gross if existent trends persist.

The gross shortfall is further compounded by the weakening naira, which has dropped to about N1,600 per dollar, compared to the N1,500 speech complaint presumption successful the budget.

Economic experts person projected that Nigeria’s fiscal shortage could balloon from the budgeted N13 trillion to arsenic precocious arsenic N30.79 trillion if the shortfalls successful lipid gross and the naira’s devaluation are not rapidly addressed.

NUPRC says crude lipid theft reduced by 58.3%

Earlier, Legit.ng reported that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) claimed that it improved regular crude accumulation successful Q1 2025, aft curbing the activities of lipid thieves.

The NUPRC, successful a caller presentation, shared steps taken to chopped down crude theft and trim gross losses

NEITI reported that Nigeria had mislaid implicit 701.48 cardinal barrels from 2009, erstwhile it started keeping records, to 2024.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng