PUNCH
Nigeria’s crude oil revenue rose to about N50.88tn in 2024, findings by The PUNCH revealed.
Data obtained from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, confirmed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024.
A January 9, 2025 report by Statista Research Department, a global statistical firm, showed that the average price of crude in 2024 was $80.53 per barrel.
This will amount to $32.91bn if multiplied by the quantity of crude produced in Nigeria last year. At the rate of N1,546 to a dollar, the amount will be N50.88tn.
With condensate, total oil production for 2024 was 566.79 million barrels.
Recall that Nigeria had planned to produce 649.7 million barrels of oil through an average daily output of 1.78 million barrels in its 2024 budget.
Putting the crude oil price at $78 and the exchange rate at N750 to a dollar means the country had planned to generate $50.68bn or N38.01tn from oil last year.
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