The Global Slump in Oil Prices has reduced Nigerian Oil revenue earnings by 15.49 per cent causing it to drop to N265.28bn in the fourth quarter of 2014.
As over 60 per cent of Nigeria’s gross revenue comes from the sale of crude oil and Oil prices fell from over $100 per barrel early last year to as low as $40 per barrel in December 2014.
The Office of the Accountant-General of the Federation in a report released by the Central Bank of Nigeria 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.
“Gross federally-collected revenue amounted to N1.999tn during the fourth quarter of 2014, representing decreases of N480.74bn or 19.38 per cent and N57.61bn or 2.8 per cent, below the levels in the preceding quarter and corresponding quarter of 2013, respectively. The revenue collections met 81.8 per cent budget performance.”