As oil production decreased, Nigeria lost N249 billion in July

According to the most recent oil production figures released on Sunday, Nigeria lost roughly N24 billion in crude oil revenue in July as a result of its oil output falling by more than 4 million barrels in that same month.

The total oil production of the nation fell to 33.5 million barrels in July from June’s 37.5 million, according to data from the Nigerian Upstream Petroleum Regulatory Commission.

The data indicates that between June and July, the nation lost almost four million barrels of oil.

The decline in Nigeria’s oil production has been attributed to numerous factors, including pipeline damage and crude oil theft.

The World Bank estimates that in July 2023, the average price of Brent, the world’s standard for crude oil, will be $80.1 a barrel.

With four million barrels of crude oil lost in July, Nigeria must have lost around $320.4 million during the review month.

The average local currency conversion rate in July was N777.3/$, according to data from spot US dollar to Nigerian naira exchange rates for 2023.

Recent data shows that Nigeria’s foreign reserves fell from $37.1 billion in January 2023 to $33.9 billion in July.

Bola Ahmed Tinubu, the president, had promised to restructure the economy by severing all revenue ties.