Nigerian oil revenues fall
Nigeria Factors contributing to the fall, according to the December CBN report, include the drastic drop in global crude oil prices along with a fall in receipts from the Petroleum Profit Tax and royalties. The decrease in revenue was 21.3 percent lower than the federal government’s budget estimate for October 2014.
The federal government’s retained revenue from crude oil in October was N278.79 billion ($1.52 billion), but its expenditure was N320.73 billion ($1.75 billion), which accounts for a federal deficit of N41.94 billion ($230 million) for the month’s fiscal operations.
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