Crude oil and non-oil income has cut Nigeria’s gross federally collected revenue in May 2017 by 13.42% to N458.42 billion. Specifically, Nigeria’s crude oil earnings decreased from the N292.82 billion it recorded in February to N238.09 billion in May, The Guardian reports.
With Nigeria’s capital expenditure put at N2.24 trillion and a large potion of it expected to come from the oil and gas sector, financing the 2017 budget will be a challenge for the Nigeria government. The country’s federally generated monthly revenue was lower than the receipt in April 2017 by 13.4%, reflecting a decline in both oil and non-oil revenue components.
According to the Central Bank of Nigeria (CBN) in its latest economic report for the month of May, oil and non-oil receipts were at N238.09 billion and N220.33 billion, respectively, constituting 51.9% and 48.1% of total revenue. Crude oil export was estimated at 1.18 mbd or 36.58 mb in the review month.
It also disclosed that the average spot price of Nigeria’s reference crude oil, the Bonny Light fell to $51.20 per barrel in May 2017 from $52.89 per barrel recorded in April 2017, representing a decline of 3.20%.