The Presidency has announced a significant improvement in Nigeria’s oil production and revenue distribution, revealing that crude oil output has risen to 1.7 million barrels per day (bpd), while revenue shared by the Federation Accounts Allocation Committee (FAAC) surged by 60%.
This disclosure was made on Saturday in response to criticism from the African Democratic Congress (ADC), which accused the Bola Ahmed Tinubu administration of worsening Nigeria’s economic challenges.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency described the ADC’s allegations as “baseless and politically motivated,” emphasizing that recent economic indicators show a positive turnaround under President Tinubu’s leadership.
According to Onanuga, Nigeria’s daily crude oil production hitting 1.7 million barrels marks the highest level recorded in over two years. He added that this milestone, combined with various revenue reforms and fiscal discipline measures, has led to a 60% increase in FAAC disbursements to federal, state, and local governments.
He further stated that the government’s aggressive investment in infrastructure, energy reforms, and targeted interventions are gradually restoring investor confidence and stabilizing the economy.
The statement urged opposition parties to avoid playing politics with economic data and to acknowledge progress made in key sectors since President Tinubu took office in May 2023.
Onanuga reaffirmed the administration’s commitment to economic recovery, transparency, and national development, insisting that Nigeria’s financial outlook is on the path to sustained improvement.