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LequteMan
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Nigeria - Following the fall in global prices of crude oil, Nigeria's oil revenue for the last quarter of 2014 recorded a N265.28bn drop when compared to what the country garnered in the preceding quarter, Punch reports.
Data obtained from the Office of the Accountant-General of the Federation for the fourth quarter 2014, as analysed by the Central Bank of Nigeria, showed that Nigeria’s gross oil revenue fell by 15.49 per cent.
Further findings revealed that as a result of the plunge in crude oil prices and its attendant effect on Nigeria’s earnings, the country’s gross oil revenue was unable to meet 19.17 per cent of its budgetary target.
The OAGF, in a report released by the CBN, stated, “At N1.448tn, gross oil revenue declined respectively by N265.28bn or 15.49 per cent and N90.56bn or 5.89 per cent, below the levels in the third quarter of 2014 and the corresponding quarter of 2013.
“Oil revenue accounted for 72.4 per cent of gross revenue during the review quarter, while the balance of 27.6 per cent was from non-oil sources. Gross oil revenue met 80.83 per cent of budgetary target of N1.791tn.”
#Nigeria #Oil
Data obtained from the Office of the Accountant-General of the Federation for the fourth quarter 2014, as analysed by the Central Bank of Nigeria, showed that Nigeria’s gross oil revenue fell by 15.49 per cent.
Further findings revealed that as a result of the plunge in crude oil prices and its attendant effect on Nigeria’s earnings, the country’s gross oil revenue was unable to meet 19.17 per cent of its budgetary target.
The OAGF, in a report released by the CBN, stated, “At N1.448tn, gross oil revenue declined respectively by N265.28bn or 15.49 per cent and N90.56bn or 5.89 per cent, below the levels in the third quarter of 2014 and the corresponding quarter of 2013.
“Oil revenue accounted for 72.4 per cent of gross revenue during the review quarter, while the balance of 27.6 per cent was from non-oil sources. Gross oil revenue met 80.83 per cent of budgetary target of N1.791tn.”
#Nigeria #Oil
