Elumelu claims Nigeria's oil losses fell from 97% to 2% under Tinubu, citing 58,000+ barrel daily output
Tony Elumelu states Nigeria's oil production losses dropped from 97% before President Tinubu's 2023 inauguration to just 2% as of June 2026, noting his operations now produce over 58,000 barrels daily with 98% monthly fiscalization accountability. He shared this in a social media video addressing the president, referencing his 2022 Bonny Terminal concerns where losses exceeded 95%.
Recent OPEC data confirms Nigeria produced 1.505 million barrels daily in July 2026—5,000 barrels above its 1.5 million bpd quota but 335,000 below the 1.84 million bpd assumption in the 2026 federal budget. This progress aligns with security efforts like the Navy's recent destruction of three illegal refineries in Rivers State, recovering 91,000 liters of suspected stolen crude.
While meeting OPEC quota marks improvement, the persistent gap between actual output and budget assumptions raises questions about 2026 revenue projections. Given oil's critical role in Nigeria's finances, will this production gain deliver tangible economic benefits, or should citizens remain cautious about budget-dependent expectations?