AGS NEWS – Nigeria’s crude oil production experienced a continuous decline in February and March 2024, resulting in an estimated loss of about N720 billion in revenue.

The country’s failure to meet its crude oil production benchmark set in the 2024 budget contributed to the revenue loss.

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Despite the benchmark of 1.78 million barrels per day, Nigeria’s crude oil production dropped to 1.231 million barrels per day in March, marking the second consecutive monthly decline.

This decline in production translates to a loss of 105,000 barrels per day in February and 91,000 barrels per day in March.

As a result, Nigeria lost approximately $254.19 million or N351.78 billion in February and $240.94 million or N368.23 billion in March.

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The drop in production was attributed to issues encountered on the Trans Niger Pipeline and maintenance activities carried out by oil companies operating in Nigeria.

Efforts are underway to address these challenges and restore production levels to meet the country’s revenue targets.