Nigeria’s revenue from the sale of crude oil dipped by N1.114 trillion to N1.86 trillion in the 2015 fiscal year, data obtained from the Central Bank of Nigeria, CBN, has revealed.
The N1.114 trillion decline represents 18.35 per cent of Nigeria’s 2016 budget estimate of N6.07 trillion.
This decline is attributable to the low price of oil in the international market, which saw the price of commodity dropping to as low as $30 per barrel.
According to the CBN Statistical Bulletins for the first, second, third and fourth quarters of 20115, at N1.859 trillion, the country’s crude oil revenue for the 2015 fiscal year dipped by 37.47 per cent from N2.973 trillion recorded in 2014.
Giving a breakdown of the earnings, the reports pointed out in the first quarter, Q1 2015, the country earned N557.5 billion from crude sales, in Q2 N459.89 billion, while in Q3 and Q4, oil sales earnings dipped further to N426.15 billion and N415.82 billion respectively.
In comparison, in Q1 2014, N843.47 billion was earned from oil sales, while in Q2, Q3 and Q4, N866.35 billion, 679.42 billion and N584.08 billion were earned respectively.
As a result, the CBN disclosed that the country recorded gross oil revenue of N819.50 billion in Q2 2015, dropping by ¦ 372.28 billion or 31.24 per cent from N1.192 trillion recorded in Q1 2015.