Nigeria’s oil revenue drops by N1.1trn in one year

Data obtained from the Central Bank of Nigeria, CBN, has revealed that Nigeria’s earnings from the petroleum sector dropped sharply, as revenue from the sale of crude oil dipped by N1.114 trillion to N1.86 trillion in the 2015 fiscal year, Vanguard reports.

The N1.114 trillion decline represents 18.35 per cent of Nigeria’s 2016 budget estimate of N6.07 trillion, and is attributable to the low price of oil in the international market, which saw the price of the commodity dropping to as low as $30 per barrel.

According to the CBN Statistical Bulletins for the first, second, third and fourth quarters of 2015, at N1.859 trillion, the country’s crude oil revenue for the 2015 fiscal year dipped by 37.47 per cent from N2.973 trillion recorded in 2014.

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