Why we are recording increased oil production – Finance Minister

Mariam Abeeb

The Federal Government says improved security in the Niger-Delta is responsible for the increased crude oil production to 1.65 million barrels per day as against the 1.25 million bpd previously recorded.
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated this in Abuja at a Podcast hosted by Bruit Costaud in collaboration with Ballard Partners of U.S.A.
According to Edun, the quickest way to get revenue for critical infrastructure is to shore up oil revenue.
“This is quickest way of giving the government the needed revenue to address our urgent needs.
“The government doesn’t have enough revenue for critical infrastructure and social services which are crucial to Nigerians now.
“The prices are still elevated and as you know in June 2023, 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.
Edun added that non-oil revenue as well as revenues from taxation were also critical to government.
“If you know about Mr President’s antecedent, the first thing he did in Lagos as governor was to get hold of the revenue.
“What he did was to deploy digitisation. He used the latest technology to block the leakages and to improve the efficiency of monitoring and collection.
This is exactly the same thing we are doing at the federal level now.
“The revenue of the Federal government has been totally revamped.
“There has been application of technology to ensure what is due to the federal government, particularly from its various revenue-earning arms, agencies, companies, and enterprises is not taken,’’ he said.
The minister said that plans were ongoing to give incentives to small, medium and larger businesses.