Senator Ahmad Lawan, President of the Senate has disclosed that Nigeria losses between 700,000 to 900,000 barrels of crude oil per day, leading to about 29 to 35 per cent loss in Oil revenue in the first quarter of 2022.
The Senate President also decried the high level of oil theft in the country which he said has worsened, with the loss of Oil to the tune of 1 million barrels per day.
He said: “With conflicting figures, projections have put our losses from this malaise at between 700,000 to 900,000 barrels of crude oil per day, leading to about 29 to 35 per cent loss in Oil revenue in the first quarter of 2022. This represents an estimated total fall from N1.1 trillion recorded in the last quarter of 2021 to N790 billion in the first quarter of this year.
According to Lawan, “The situation has gotten worse. Recently, the loss of our oil has reached 1 million barrels per day. In monetary terms, our loss is enormous. The results reveal that we are unable to achieve OPEC’s daily quota of 1.8 million barrels per day.”
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Lawan, who spoke during President Muhammadu Buhari’s final budget of N19.76 trillion in the 2023 Appropriation bill before the Senate and House of Representatives, urged the Executive to guarantee that the fiscal stability and transition budget for 2023 is utilised to complete a number of ongoing projects across the country.
Lawan, lauding Buhari’s administration, said, “This administration has been steadfast in guaranteeing the delivery of iconic infrastructure across the country.”
”The last three budgets have made substantial allowances for various projects. While some have been completed, work on others is continuing at a rapid rate. As a result, the 2023 Budget should prioritise accomplishing a lot more,” Lawan said.
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