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Nigeria’s oil revenue halves in 2019

Statistician-General, NBS, Yemi Kale during a virtual meeting on Friday, revealed that gross oil and gas revenue was projected at N9.3 trillion in 2019 however, only N4.6 trillion was realised.

“Indeed, there has been signs that in the emerging economic landscape of the future, our ability to continue to rely on crude oil earnings will be severely curtailed, for instance, gross oil and gas revenue was projected at N9.3tn in 2019.

According to her, dwindling oil revenue will continue into the future as the world experiences increasing

global climate change and sustainable development goals.

He said, “Crude exports account for 80 per cent of total exports, which means much of the value creation and benefits of our minerals generally is not within our economy”.

Revenue from crude oil has continued to dwindle even in 2020 due to the coronavirus pandemic which had affected oil demand at the international market.

International Brent which had climbed to around $80 per barrel after the 2014/2015 oil price crash, had slide further below $20 per barrel in the year.

Prices have since climbed a little above $40 per barrel.