On Thursday, the house of representatives asked the federal government tosequel to the removal of the petrol subsidy by President Bola Ahmed Tinubu’s administration.
In the Reuters report, Kyari said this is the first time NNPC has said it is terminating crude swap contracts, emphasising that by importing less petrol as private companies import the bulk, NNPC would be able to pay for its purchases in cash.Speaking on the country’s production capacity, the NNPC boss said Nigeria’s total crude oil output was 1.56 million barrels per day as of Friday.
Due to illegal refining and oil theft, the country has struggled to meet its Organisation of Petroleum Exporting Countries quota of 1.742 million bpd. Nigeria’s oil production fell below the one million mark in April 2023, as output tumbled to 998,602 bpd.