Nigeria TV Info 
Nigeria’s Crude Oil Earnings Plunge by 43% Amid Output Decline, Market Volatility

Nigeria’s crude oil earnings have fallen sharply by 43%, marking one of the steepest drops in recent years. Data from the Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank indicate that the decline is largely due to reduced production levels, persistent oil theft, and fluctuating global crude prices.

Analysts warn that the plunge could affect the government’s 2025 fiscal projections, as oil remains Nigeria’s primary revenue source. The average daily crude production reportedly slipped below 1.3 million barrels per day, far below the 1.78 million barrels benchmark set in the 2025 budget.

Oil marketers also attribute the slump to weakening demand in key export markets and delayed investments in new exploration projects. Experts urge urgent reforms to curb oil theft, stabilize output, and diversify Nigeria’s revenue base.