Nigeria has missed its January 2022 crude oil output by 0.223 million barrels. The officials set the crude oil output projection for 1.683 million barrels, but it ended up producing 1.46 million barrels.

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Because of this, the oil earnings have continuously plunged, which consequently led to the downward drop in NNPC’s deposits to the Federal Government’s accounts. The Officials of the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited confirmed the plunge to newsmen while blaming vandalism of pipelines, failure to implement petroleum industry act, failure to remove fuel subsidy, etc. 

According to the officials, the reluctance of oil companies to invest in upstream oil business and implementation of the PIA amongst others have contributed to the drop in production target.

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