The Minister of Finance, Olawale Edun, says the country’s daily crude oil production is up to 1.65 million barrels per day, against the 1.25 million bpd previously recorded.
Edun disclosed this in Abuja on a podcast hosted by Bruit Costaud in collaboration with Ballard Partners of USA.
According to him, improved security in the Niger Delta is responsible for the increased crude oil production to 1.65 million.
He noted that the development is a significant booster for Nigeria’s revenue streams.
“This is the quickest way of giving the government the needed revenue to address our urgent needs.
“…the oil production and sales were roughly 1.25 million barrels per day.
“Now, it is up to 1.65 million barrels per day; that is one source of bringing in dollars and revenue into the government coffers that is non-inflationary,” Edun said.
He added that the government is looking at other non-oil sources of revenue, such as taxes and blocking of revenue leakages.
