National Assembly Optimistic Of Achieving 1.7million Crude Oil Benchmark

The Chairman, Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu says he is optimistic that Nigeria will achieve its 2024 crude oil production benchmark of 1.7 million barrels per day (bpd).

Speaking with Voice of Nigeria in Abuja, Senator Adaramodu, who is a Senator representing Ekiti South Senatorial District said Nigeria can increase crude oil production to two million bpd if all issues hindering the sector are removed.

“When you talk of crude oil Benchmark is not only about crude oil, there is condensed, so when Nigeria exports as much as 1.4million barrel per day, they have condensed about 325,000, so it not only that crude that goes, but when you talk about the weighted average that where they arrive at that price, weighted average of 77.9, that is the weighted average, so it not that direct crude oil per barrel that we talk about, so there is that crude, there is condensed, so the two together, when you now weight the average overtime, you now arrive at the average. It will be achieved. The only thing is that are we going to achieve the barrel per day target we are talking about?, yes, it could be, because one year ago, we could not even account for only one barrel a day, even NNPC then was not even bringing in anything into the federation account, but now that have changed, For now, Nigeria has already achieved 1.4million barrel per day, that have been the minimum, at least for the past months that we are exporting, apart from the condensed” Senator Adaramodu said.

The senator who commended government’s efforts for creating value and enabling investments in country’s oil and gas sector said federal government is also making efforts to remove all bottlenecks that will limit the country from meeting and surpassing the barrels per day projection.

Senator Adaramodu said if all Leakages and loopholes are blocked, with this projection, Nigeria will definitely achieve it economic stability and growth.

“With this, there is no way that Nigeria will not achieve economic growth. This government is just few months old out of four years, we know that the removal of fuel subsidy, definitely we know is going to cause rumpus among Nigerians, especially economic inconveniences which it did cause, and then the government make sure they bring out palliatives, but palliatives is not the solution of any kind of problem, so palliatives is just first aid treatment, and first aid is not a lasting treatment, so the lasting treatment is what this budget is going to bring and we believe is going to achieve it. Three things are involved, ensuring that revenue is seriously generated, before there are lots of conglomerates in Nigeria that are not paying taxes, the FIRS, when we see their Programmes they put before us, we believe they will generate revenue for Nigeria that will service the budget. And then when all the loopholes are blocked and all very unnecessary waivers are stopped, then there will be enough money to fund the budget “ The Senator Said.

Senator Adaramodu therefore urged all stakeholders to join hands with President Tinubu’s administration in building a robust oil and gas sector that would contribute significantly to the economic growth and development of Nigeria.

“This budget torches every sector. Education for the first time one of the top three that takes not only lion share, but elephant share of the budget outside security. Health care, humanitarian services which is poverty reduction. We the National Assembly will make sure that all monies appropriated to all MDAs are monitored and as well ensure that Nigerians get what they deserved, so let’s all support this government so that we all have the nation of our dream” he advised.

Already the country’s oil production has moved from about 1 million barrels per day and steadily increased to 1.4 million barrels per day.

In the latest crude oil and condensate production date of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country recorded over 1.2 million barrels per day in November 2023.