Nigeria recorded a combined crude oil and condensate production shortfall of about 16.6 million barrels in January and February of 2026, according to a THISDAY analysis of data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The data highlighted a persistent gap between projected and actual performance in the oil sector, despite assurances by key government agencies, especially against the backdrop of the 1.84 million barrels per day benchmark oil production in the 2026 federal budget.
According to the data, Nigeria produced a total of 50.5 million barrels of crude oil and condensate in January, while output declined notably in February, with total production dropping to approximately 41.6 million barrels, bringing cumulative output for the two months to 92 million barrels.
Based on the government’s benchmark in the 2026 budget, the country was expected to produce about 57 million barrels in January and 51.5 million barrels in February, to reach about 108.6 million barrels for the period.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
