Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), has revealed a significant increase in Nigeria’s oil production. He announced that oil production has surged to 1.6 million barrels per day, up from the previous level of less than one million barrels per day, just a few months ago,leadership reports.
This announcement was made during a media briefing organized by the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, in Abuja.
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Kyari also highlighted a notable decrease in petrol consumption, which he attributed to the removal of subsidies by President Bola Tinubu. He noted a 30 percent reduction in fuel consumption, which, in turn, resulted in a corresponding 30 percent decrease in the foreign exchange requirements of NNPCL for fuel imports.
During the briefing, Minister Edun unveiled the ambitious plan of the Tinubu administration to attract Nigerian funds held in domiciliary accounts both within and outside the country in an effort to revitalize 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, and he emphasized that it had not collapsed.
