Nigeria now earns about N43.7 billion per day on the average from crude oil sales based on the combined daily production figure of crude and condensate which stands at 2.4 million barrels, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said.
The minister said that the nation's present revenue figure followed the success of the amnesty programme for repentant Niger Delta militants which boosted oil production.
Nigeria now earns about N43.7 billion per day on the average from crude oil sales based on the combined daily production figure of crude and condensate which stands at 2.4 million barrels, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said.
The minister said that the nation's present revenue figure followed the success of the amnesty programme for repentant Niger Delta militants which boosted oil production.
The minster gave this figure last week at both the Lagos and Ondo legs of the on-going Peoples Democratic Party (PDP) presidential rally, where she also added that the envisaged passage of the Petroleum Industry Bill (PIB) would increase government's revenue to over N105.4 trillion ($680 billion) annually.
"The PIB will ensure that government's revenue is increased to the tune of over $680 billion annually (N105.4 trillion), while also ensuring unprecedented opportunities for a level playing field for operators in the industry," she said.
She added that government had already commenced negotiations with a consortium of international oil and gas firms, for the construction of a petrochemical plant and some fertilizer processing plants in Lagos, and some other parts of the country, valued at over $20 billion.
According to her, the "petrochemical plants are fertilizer plants that will increase our agricultural and food production, and methanol plants that will boost industrial production with a combined initial investment of about $20 billion. This will result in the creation of over 300,000 jobs across the nation."
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