LAGOS — Nigeria generated N3.94 trillion ($2.87 billion) in excess oil revenue this April, driven by a rare combination of rebounding production and a geopolitical price spike.
According to data released on Tuesday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) crude production rose to 1,488,540 barrels per day (bpd), reaching 99.2% of Nigeria’s 1.5 million bpd OPEC quota. Total liquids output, including condensates, hit 1,663,413 bpd.
The revenue windfall was largely fueled by global Brent prices averaging $127 per barrel following the U.S.-Iran crisis. This significantly exceeded the $64.85 price peg in the 2026 national budget.
Analysts estimate the daily revenue surplus at N131.42 billion ($95.7 million). Over the 30 days of April, this provided a critical fiscal buffer for a government managing high debt-servicing costs.
The Upstream Regulator attributed the output growth to efficiency gains at the Bonga offshore terminal and the introduction of the new Cawthorne export grade.
“This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.The figure also represents a 7.58% increase when compared to the month of March.The peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.” NUPRC said in a post on X (Twitter).
While production is the highest in 2026, it still lags behind the 1.8 million bpd national budget target. This volume gap remains a key concern for long-term fiscal stability.
However, crude oil supply to domestic refineries also improved in the first quarter of 2026, with the 650,000 bpd Dangote Refinery receiving 10 Cargoes (double of its monthly 5 cargoes supply) in March. Meanwhile, high global crude costs have simultaneously pushed local petrol prices to N1,400 per litre.
The combined two-month windfall for March and April has now reached N5.13 trillion ($3.74 billion). Observers say sustaining production above 1.6 million bpd is essential to capitalize on the current price rally
