Daily Trust reports that Nigeria lost over N8.7trillion at between January and August this year due to the country’s inability to meet its Organisation of Petroleum Exporting Countries (OPEC) quota.
This is coming amid a deeper debt crisis, with experts calling on the federal government to take urgent steps to boost revenue by taming oil theft.
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Nigeria, Africa’s biggest crude producer, failed to produce 144 million barrels of crude oil within the period under review compared to the 1.8 million barrels per day quota allocated to the country by OPEC.
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