This resulted in a gross crude oil revenue estimate of about $38.23 billion, equivalent to roughly N55.5 trillion. Production opened strongly in January at 47.70 million barrels but declined to 41.02 million barrels in February. While Nigeria’s crude oil output remained below its OPEC production quota for most of 2025, crude prices helped support overall revenue. Using the simple average of monthly prices published by the CBN, crude oil prices averaged $72.08 per barrel over the period reviewed. According to NNPC’s 2024 financial statements, the repayment was linked to Project Gazelle, a forward crude oil supply agreement signed in 2023.