The Nigeria Employers’ Consultative Association (NECA) said Nigeria has been losing over $2.5bn monthly for their inability to meet with up with the required crude oil production of 1.8m barrel per day as stipulated by OPEC.
The Association, in a statement by its DG, Mr. Adewale-Smatt Oyerinde said, despite witnessing a 4.2% increment in crude oil production per day, the country still falls short of the needed amount.
The lapses in the inability to meet up with the target put Nigeria at a monthly loss of $2.5bn, NECA showcased.
The NECA boss aimed at oil theft, unsustainable subsidy, and misalignment between fiscal and monetary policies has continued to be major problems affecting the country.
He urged the next government to build up its political will by looking to solve the issues.
“Deliberate efforts must be made to reverse some of the current policies and implement new ones. All leakages associated with government revenue must be blocked (oil theft, skewed concessions, fuel subsidy, etc.). A wholesome review of the tax administration to make it more equitable and investor-friendly should be initiated.”
Nigeria’s current crude oil production per day is at 1.23 million barrels falling short of 0.57 million barrels daily.