Tinubu's Administration Reports Revenue Surge to N21 Trillion

President Bola Tinubu's administration disclosed that Nigeria's federal revenue increased from N12 trillion to N21 trillion, largely due to reforms in the oil and gas sector and the removal of fuel subsidies. Olusegun Dada, a special assistant to the president, shared these figures on social media.

The reforms led to a significant reduction in fuel import costs, which fell from N2.3 trillion to less than N90 billion, and expanded domestic refining capacity. The administration reported that Nigeria's combined crude oil and condensate production reached 1.64 million barrels per day, marking a 400,000 barrels per day increase, the highest in two decades.

Additionally, gross natural gas production rose from 6.83 billion to 7.63 billion standard cubic feet per day. The government also established a Presidential Power Sector Debt Reduction Program (PPSDRP) to address legacy debts owed to generation companies and gas suppliers, with a settlement agreement valued at N2.28 trillion.

Despite these achievements, concerns remain regarding the impact of higher energy costs on households and businesses.