The Federal Government has said that the country has the capacity to produce over 2.3 million barrels of oil per day (bpd) in 2018, The Sun reports.

Minister of Budget and National Planning, Senator Udo Udoma, disclosed this in Lagos during a presentation of draft proposals for the Medium Term Fiscal Framework/ Fiscal Strategy Paper (2018-2020) to civil society groups and other stakeholders in the private sector.

He hinged the assurance of the production level of 2.3 million barrels a day projected for 2018 on the premise that government has the technical capacity to produce much more than that. Udoma, in a statement by his Media Adviser, Mr. Akpandem James, assured that even at 2.3 million bpd, the country would achieve the feat.

The Minister noted that government is aware of the diminishing long term prospects of crude oil, which is why it is important that the country maximize the use and exploitation of its petroleum resources now.