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Nigeria loses as revenue from crude oil drops

Nigeria loses as revenue from crude oil drops

- At a time Nigeria is struggling to bounce back from a troubling economic recession, the country's revenue has again dropped

- The Nigerian National Petroleum Corporation (NNPC) released the report which looks at the country's export of crude oil and gas in the last four months

Nigeria has run at a loss as its revenue from exportation of crude oil and gas dropped by 0.53 percent to arrive at $985.244 million between January and April 2017.

This is in comparison with the $990.522 million recorded from the exportation of the products in the same period in 2016.

SweetCrudeReports states that a breakdown released by the Nigerian National Petroleum Corporation (NNPC), states that while crude oil export accounted for 58.76 percent of total export with $578.93 million, gas export accounted for 41.24 percent with $406.317 million.

“In January 2017, total crude oil and gas export stood at $202.16 million, compared with $282.83 million in the same period in 2016.

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“Crude oil accounted for $93.966 million of the January 2017 export, with gas export accounting for $108.2 million.

“In February, $263.11 million crude oil and gas export were recorded, compared to N247.45 million in February 2016. Crude oil export and gas export stood at $157.65 million and $105.46 million in February 2017.

“In the month of March, crude oil export stood at $255.5 million, while gas export stood at $106.45 million, leading to total crude oil and gas export of $361.95 million in March 2017, compared to $170.877 million in the same period in 2016.

Nigeria loses as revenue from crude oil drops

A graph showing the movement. Credit: Argus Media

“April 2017 crude oil and gas export stood at $158.025 million compared with $289.365 million recorded in the same period in 2016.

“Crude oil export stood at $71.81 million, while gas export stood at $86.2 million,” SweetCrudeReports stated.

NAIJ.com learnt from the report that the NNPC recorded total export proceeds receipts of $142.12 million in April 2017 as against $404.55 million recorded in March 2017.

At this period, the contribution from crude oil amounted to $71.81 million while gas and miscellaneous receipt stood at $70.29 million and $0.013 million.

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“Total export crude oil and gas receipt for the period of April 2016 to April 2017 stood at $2.50 billion.

“Out of which the sum of $2.29 billion was transferred to JV Cash Call in line with 2016 approved budget pending 2017 budget approval and the Exit of JV Cash Call and the balance of $0.21 billion was paid to federation account.

“However, this JVCC amount falls short of the 2016 appropriated amount of $8.64 billion.

“This is due to twin effect of production disruption in Niger-Delta and low crude oil prices during the year,” the report stated.

Watch this video of Nigerian traders lamenting the country's economic situation:

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