Lower oil prices, sabotage reduce revenue shared by federal, states, local govt by N36 billions

in BreakingNews @en by

Nigeria’s distributable government revenues fell to N429.127 billion naira in February from N465.19 billion in January due to lower oil prices (which fell from $49.57 to $44.74 per barrel durign February). The Office of the Accountant General of the Federation declared ina  statement that the fall was determinated  by the sabotage of the nation’s oil pipelines by Niger Delta militants. Infact the pruduction  of the oil diminished in that period beacuse of the leakages in the pipelines. Nigeria is an OPEC member, had been hit by the fall in global crude prices since mid 2014 and last year entered in its first recession. Militants have carried out attacks on oil and gas facilities in the Niger Delta energy hub for a year, cutting oil production, they want the oil hub to share the country’s energy.

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