{"id":42611,"date":"2022-05-27T10:31:16","date_gmt":"2022-05-27T10:31:16","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=42611"},"modified":"2022-05-27T10:31:20","modified_gmt":"2022-05-27T10:31:20","slug":"nigerias-low-crude-oil-production-barely-enough-to-cover-petrol-imports-finance-minister-ahmed-says","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nigerias-low-crude-oil-production-barely-enough-to-cover-petrol-imports-finance-minister-ahmed-says\/","title":{"rendered":"Nigeria\u2019s Low Crude Oil Production Barely Enough to Cover Petrol Imports, Finance Minister Ahmed Says"},"content":{"rendered":"

Nigeria\u2019s low crude oil production means the country is barely able to cover the cost of imported petrol from its oil and gas revenue, the Minister of Finance, Budget and National Planning, Zainab Ahmed said on Thursday.<\/p>\n\n\n\n

Ahmed, who said this in an interview with Reuters, at the World Economic Forum in Davos, said she hoped Nigerian oil production would average 1.6 million barrels per day (bpd) this year, up from around 1.5 million bpd in the first quarter.<\/p>\n\n\n\n

The government had budgeted 1.8 million bpd of production, Ahmed said, blaming crude theft and attacks on oil infrastructure for the shortfall.<\/p>\n\n\n\n

\u201cWe are not seeing the revenues that we had planned for,\u201d Ahmed said. \u201cWhen the production is low it means we\u2019re \u2026 barely able to cover the volumes that are required for the (petrol) that we need to import.\u201d<\/p>\n\n\n\n

Nigeria exports crude oil and imports refined petrol, suffering intermittent fuel shortages. It faces double-digit inflation and low growth, amid a shrinking labour market and mounting insecurity.<\/p>\n\n\n\n

A plan to abolish its petrol subsidy was scrapped ahead of national elections in February 2023 and recently, President Muhammadu Buhari got the National Assembly to approve N4 trillion for subsidies in 2022, up from the N400 billion initially projected for the purpose, putting pressure on the budget.<\/p>\n\n\n\n

Nigeria raised $1.25 billion via a Eurobond sale in March at a premium rate and had planned to issue another bond.
But Ahmed said the government had \u201cnot seen a good opportunity to go in.\u201d<\/p>\n\n\n\n

The country\u2019s deficit is set to rise to 4.5 per cent of its Gross Domestic Product this year due to the fuel subsidy, up from an original estimate of 3.42 per cent in the budget.<\/p>\n\n\n\n

After holding the Monetary Policy Rate constant at 11.5 per cent for about two and a half years, the MPC on Tuesday, raised the benchmark interest rate by 150 basis points to 13 per cent in response to global inflationary pressures, which had continued to hurt economies around the world. Inflation in Nigeria rose to 16.82 per cent in April, the highest in eight months.
Commenting on the interest rate hike, Ahmed said the central bank move was necessary.<\/p>\n\n\n\n

Meanwhile, the U.S. Federal Reserve\u2019s interest rate hikes, including a 50 basis-point rise earlier this month, alongside Russia\u2019s war in Ukraine and coronavirus lockdowns in China have prompted a move from riskier emerging markets to safe havens.<\/p>\n\n\n\n

\u201cWe are certainly very, very concerned,\u201d Ahmed said of the Fed\u2019s policy tightening. \u201cThe actions that the Fed or the central bank in Europe take will affect us.\u201d<\/p>\n\n\n\n

SOURCE<\/a><\/p>\n\n\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s low crude oil production means the country is barely able to cover the cost of imported petrol from its oil and gas revenue, the Minister of Finance, Budget and National Planning, Zainab Ahmed said on Thursday. Ahmed, who said this in an interview with Reuters, at the World Economic Forum in Davos, said she […]<\/p>\n","protected":false},"author":3,"featured_media":24763,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,908],"tags":[18],"class_list":["post-42611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-oil-gas","tag-nigeria","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nNigeria\u2019s Low Crude Oil Production Barely Enough to Cover Petrol Imports, Finance Minister Ahmed Says - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/nigerias-low-crude-oil-production-barely-enough-to-cover-petrol-imports-finance-minister-ahmed-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Low Crude Oil Production Barely Enough to Cover Petrol Imports, Finance Minister Ahmed Says - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s low crude oil production means the country is barely able to cover the cost of imported petrol from its oil and gas revenue, the Minister of Finance, Budget and National Planning, Zainab Ahmed said on Thursday. 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