fbpx
COVEROIL & GAS

Nigeria Loses $8million Oil Revenue in One Month to Global Crude Price Plunge

Oil

According to the finance ministry, Nigeria lost about $8.65 million to drop in average price of crude from $61.27 per barrel in June to $56.76 in July.

Amid the lingering plunge, Analysts see revenue losses worsening at least for August and September, especially as oil prices hovered around $43 as of Tuesday, last week.

Government official records further show that between January and July 2015, revenue inflows were re-ordered at N1.857 trillions, about N156.9 billion lower than what was budgeted.

Anastesia Nwaobia, permanent secretary, ministry of finance, announced after the Federal Accounts Allocation Committee (FAAC) meeting in Abuja that gross revenue, in August, dropped again to N369.140 billion, some N64.444 billion lower than the N433.584 billion recorded the previous month and N144.553 billion below budget estimates.

Nwaobia said the sharp drop in crude oil export, shutdown and shut-in of production for maintenance at different times and terminals in July, negatively impacted crude oil revenue.

Apart from oil, revenue from Value Added Tax (VAT) dropped also by N12.258 billion to N59.689 billion in August from N71.947 billion in July. The figure also dropped N43.007 billion lower than N102.696 budgeted estimates.

 

About Author

Comments (3)

  1. Nigeria Loses $8million Oil Revenue in One Month to Global Crude Price Plunge – http://t.co/Vg54EJYBw0 … –

  2. Nigeria Loses $8million Oil Revenue in One Month to Global Crude Price Plunge – http://t.co/NHVVDJJ57g … —

  3. […] of Petroleum Exporting Countries (OPEC) said in its October Monthly Oil Market Report (MOMR) said oil production in Nigeria, Iraq United Arab Emirates […]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.