Petroleum Africa
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Wednesday, April 22, 2015
The drop in oil prices and other problems in the petroleum sector have begun to hurt Nigeria’s wallet. The government saw its revenue fall 21.5% to 315.04 billion naira ($2 billion) in March due to lower oil prices as well as trunk and pipeline shutdowns.
The drop in revenues is not all attributable to the petroleum sector; according to Nigeria’s accountant general Jonah Otunla some of it is due to lower earnings from the non-oil sector.
Otunla told reporters that the Nigerian government had distributed a total of 435.06 billion naira to local, state and federal government for the month of March compared with 522.05 billion naira shared in February.
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