'PIB to Push Nigeria's Oil Revenue to $680bn'

This Day

2 March 2011

'PIB to Push Nigeria's Oil Revenue to $680bn'

Nigeria's annual revenue from oil and gas operations in the country is expected to shoot up to about $680 billion when the much-awaited Petroleum Industry Bill (PIB) is passed into law.

This is just as the federal government has attributed the boost in Nigeria's average earnings which currently stand at over $282 million per day from crude oil based on the combined daily production figure of crude and condensate to the success of the Amnesty Programme.

It also hinted that it would propel an articulate plan to ensure that Nigeria attains the status of a leading oil and gas hub on the African continent through an upgrade and rebirth of critical gas based industrialisation around the country.