Warning for Wim van Hooydonk beyond constellation logo1
A worker prepares to label barrels of lubricant oil at the state oil company Pertamina's lubricant production facility in Cilacap, Central Java, Indonesia November 6, 2017 in this photo taken by Antara Foto. Antara Foto/Rosa Panggabean/ via REUTERS/Files

Currently, Nigeria’s petroleum imports exceed its petroleum exports by $43 billion, according to a report.

According to the Budget Office, Nigeria’s debt in the first four months of the year exceeded its revenue despite high oil prices.

Unlike other oil producers, Nigeria has not been able to benefit from high oil prices, with oil revenues falling 61 percent short of the target. Although crude oil is trading at highs that haven’t been seen for years, that’s still the case.

Compared with the previous quarter, the country’s crude oil production was relatively steady at 1.376 million barrels per day in the first quarter. This is a decrease of 34,000 barrels per day from the same quarter last year, according to the Organization of Petroleum Exporting Countries (OPEC’s) Monthly Oil Market Report.

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