Arab Today, arab today revenues from nigeria oil sales decline sharpy
Last Updated : GMT 08:29:34
Arab Today, arab today
Arab Today, arab today

Revenues from Nigeria oil sales decline sharpy

Arab Today, arab today

Arab Today, arab today Revenues from Nigeria oil sales decline sharpy

Fall in global oil prices
Lagos - AFP

Revenues from Nigeria's oil sales declined by over two-thirds between September last year and July this year with "dire consequences" for Africa's largest economy, the country's state-run oil giant said Sunday.

"The receipts witnessed a sharp decline of more than 67 percent from September 2014, when the receipt was at its peak, to July 2015 with dire consequences to the federation," a report by the Nigerian National Petroleum Corporation (NNPC) said in a statement.

The fall in global oil prices over the last year has affected the revenue of the oil-dependent nation, which derives more than 90 percent of its foreign exchange earnings from crude sales.

The NNPC's monthly publication of provisional financial and operational data is an innovation introduced by the new boss of the organisation, Ibe Kachikwu, aimed at opening its books to public scrutiny, the statement said.

Over the decades, critics have accused the NNPC of being opaque in its operations, while corruption and mismanagement allegations have also dogged the company.

Shortly after he came into office, President Muhammadu Buhari sacked the top management of the NPPC and appointed Kachikwu -- a former Exxon executive -- in July as part of his administration's crackdown on corruption in the agency.

The NNPC report indicated that total receipts for crude oil and gas exports between January and August 2015 were $3.4 billion.

Of the total receipts from oil and gas sales, $608 million was remitted to the federation account -- the pool into which all federal revenues are deposited.

Most of the 36 states of the Nigerian federation owe workers several months of unpaid salaries, attributing the situation to dwindling allocations to them from the federation account.

Kachikwu, a lawyer, is expected to be appointed as the junior oil minister who will oversee the day-to-day running of the crucial industry.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today revenues from nigeria oil sales decline sharpy Arab Today, arab today revenues from nigeria oil sales decline sharpy

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday