Continuous decline in the price of crude oil has caused Nigeria to lose as much as N77.2 billion from oil revenue in one month, according to data obtained from the Central Bank of Nigeria, CBN.
Specifically, the CBN in its October 2014 Economic Report, disclosed that oil revenue for the month dropped by 14.11 per cent to N470 billion from N547.2 billion recorded a month before.
similarly, non-oil revenue also declined by N11.1 billion or 3.9 per cent from N284.6 billion in September 2014 to N273.5 billion in October.
As a result, gross federally-collected revenue depreciated by 10.6 per cent or N88.2 billion from N831.8 billion in September to N743.6 billion in October.
- See more at: http://www.vanguardngr.com/2015/01/falling-prices-nigeria-oil-reven...