The Federal Government under the past administration lost a whopping N2.51 trillion in just three months as former President Muhammadu Buhari struggled with revenue and debt throughout his stay in government.
According to Budget Implementation Report 2022 (second Quater) by the Budget Office which was obtained by our correspondent, the Nigerian government projected to make ₦4.68 trillion from oil in between April and June 2022 but was able to rake in ₦2.17 trillion.
This denotes a decrease of ₦2,512.63 billion (53.63 percent) against the 2022 half-year budget estimate.
Nigeria has battled to meet the daily quota from the Organization of the Petroleum Exporting Countries as it struggled with intense oil theft and lack of production capacity, thereby losing immense revenue.
“Average oil production in the second quarter of 2022 however decreased to 1.43 million barrels per day (mbpd) representing a 0.17mbpd (10.63 percent) fall from the 1.60mbpd benchmark for the 2022 Budget. The volume of oil production in the period was also 0.06mbpd (4.03 percent) and 0.18mbpd (11.18 percent) below 1.49mbpd and 1.61mbpd reported in the first quarter of 2022 and second quarter of 2021 respectively,” the report said.
More details soon
