According to AP reports, the Nigeria’s oil production output slumped to 1.4 million barrels a day, thereby endangering a budget based on production of 2.2 million barrels, the Oil Minister of State Ibe Kachikwu said Monday.
By this development, Angola has become Africa’s biggest oil producer as their has been steady at near 1.8 million barrels daily.
More so, the Nigeria’s legal tender Naira fell to N350 to the US$1 dollar on the parallel market, against an official rate of N199.
Futhermore, Nigeria’s National Labour Congress and the Trade Union Congress, which claim to represent 6.5 million workers, has commenced a nation wide strike to protest a 70 percent increase in gasoline prices.
“Inflation officially rose nearly 14 percent last month and prices of food and electrical goods have doubled while tens of thousands of workers have not been paid in months. Many angry Nigerians say the government could not have chosen a worse time to drop the fuel subsidy, though shortages forced people to pay double the fixed price anyway,” AP reported.