Nigeria’s Low Oil Production Is Not Enough To Cover Petrol Import Costs

Minister of Finance, Zainab Ahmed

Minister of Finance, Zainab Ahmed has disclosed that the nation’s low oil production is not enough to cover the cost of petrol import.

The Minister said this in an interview with Reuters on the sideline of the World Economic Forum (WEF) in Davos on Thursday May 26.

Ahmed further revealed that the federal government is hoping that oil production will average 1.6 million barrels per day (bpd) this year.

She said;

“We are not seeing the revenues that we had planned for.

“When the production is low it means we’re … barely able to cover the volumes that are required for the (petrol) that we need to import.”


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