NIGERIA LOSES N1.56BN TO LOWER OIL OUTPUT PRICES

The Nigeria has lost about N1.56 billion in oil revenue in one month as a result of output outage and price rout occasioned by the volatility in the price of crude oil in the international market.

The nation’s gross oil revenue dipped to N381.58 billion ($2.3 billion) in December, from N383.14 billion in November, according to figures from the Federal Ministry of Finance. Nigeria, Africa’s biggest crude exporter, which depends largely on crude proceeds to service over 85 per cent of its budget, has been facing down time since the last quarter of 2014 and the ministry said in a statement that the oil price rout cost the country N1.56 billion revenue loss in one month

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