SEE How Drastically Nigeria’s Oil Revenues Declined
The Nigerian National Petroleum Corporation’s report shows why Nigeria’s economy experiences difficulties – and if the trend continues the situation may get even worse. Nigeria’s oil revenues sharply declined within a year by over two thirds, says the report, recently published by the NNPC. The NNPC report shows that oil revenues declined more than 67 per cent over a period of time since September 2014 till July 2015, and that had “ dire consequences to the federation “. However, if that rends continues, the situation in Nigeria’s economy, heavily dependent on oil revenues, may get even worse. Nigeria derives more than 90 per cent of its foreign exchange earnings from crude.
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