The drop in Nigeria’s
crude oil revenue in the first quarter of 2016, put at N53.72bn, is higher than
the total amount the nation lost in the whole of 2015 (N51.3bn) as a result of
incessant attacks on pipelines, The Punch reports.
Nigeria’s crude oil
export decreased by 7.81 million barrels between January and March 2016, down
from 132.48 million barrels recorded in the preceding quarter, to 124.67
million barrels, the latest report from the Nigerian National Petroleum
Corporation (NNPC) has shown.
According to the Central
Bank of Nigeria and the NNPC, the average price of crude oil in the first
quarter of 2016 was $34.39 per barrel, while the value of the local currency
was estimated at N200 to a dollar during the period. This puts the total crude
oil revenue shortfall in the first quarter of the year at $268.58m or N53.72bn.
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