Nigeria’s oil revenue drops further – Ahmed Idris

Nigeria's oil revenue has continued to drop following the current episode of decline in global price of crude oil, the accountant general of the West African country, Ahmed Idris, said on Friday.

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Nigeria, the largest oil producing nation in Africa, recorded a total loss of 143.96 million U.S. dollars in oil revenue last December, the official said at a meeting in Abuja.

Oil Barrels
Oil Barrels

The African nation has been unable to increase its oil exports due to the negative impact of declining crude oil prices at the global market, he noted.

Nigeria further recorded a revenue loss amounting to 143.7 million USD last month due to reduction in the volume of oil export sales, said the country’s most senior accountant.

“The reduction in oil export sales can be attributed to the negative impact of various incidents of crude oil production shut-ins and shut-downs of oil production facilities for repairs and production shortfall due to technical hitches at different crude oil terminals,” he added. Enditem

Source: Xinhua

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