NNPCL Disapproves Senate’s Attempt to Raise Crude Production Benchmark in 2024 Budget

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), firmly rejected the Senate Committee on Appropriation’s proposal to increase the crude oil production benchmark in the 2024 Appropriation Bill from 1.7 million barrels per day to 1.8 mb/d.

During the budget defense session between the Senate Committee and the NNPCL management, Solomon Adeola, the Chairman of the Senate Committee on Appropriation, suggested this adjustment.

On November 29, President Bola Ahmed Tinubu presented a N27.5 trillion Appropriation Bill, featuring an average crude oil production benchmark of 1.78 mb/d and a crude oil price benchmark of $77.96.

The NNPCL GCEO, Mele Kyari, firmly communicated the company’s commitment to adhere to the benchmark approved by President Tinubu in the Appropriation Bill.

Kyari emphasized that the crude oil price and production benchmarks were determined by global dynamics, stating, “I will advise that we stick to the submission of Mr. President on the quota. We will not get crude oil (for) less than $70. Once economies are growing, there will be sustained demands for crude oil in our country and other countries.”

According to data from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil production declined to 1.56 million barrels per day in October from 1.57 million bpd in September of this year.

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