Nigeria Loses N2.2tn Revenue to Crude Production Delays

Nigeria loses N2.2tn revenue to crude production delays

Nigeria lost a whopping N2.1 trillion as a result of crude oil production deferment in one year. The revelation comes on the heels of perpetual low crude oil production being recorded by the country in the past two years. Deferment is the reduction in production or injection availability caused by an activity, breakdown, trip, poor equipment performance, or sub-optimum operations, resulting in a reduction in the volume sold or injected, delaying the production or injection until a later time.

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