Nigeria's Oil Exportation Revenue Slumps In 2018 Q1
File: crude oil

Nigeria’s crude oil exportation income for the first half of the year stood at N207.54bn, falling below the Federal Government’s N661.38bn target.

According to the Central Bank of Nigeria (CBN) in a report, Nigeria got 61 percent of its revenue of N4.40tn in the period under review via oil exportation.

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On the other hand, non-oil revenue made up the remaining 39 percent.

“The drop in oil revenue, relative to the proportionate budget estimate, was attributed to the decline in the volume of production and exports during the period,” the CBN report said.

“Relative to the budgeted benchmark of 2.3 million barrels per day, crude oil production averaged 1.90 million bpd.

“In addition, crude oil exports dropped below the proportionate budget benchmark of N611.38bn by N403.84bn or 66.1 per cent.”