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Business Insecurity slashes oil revenue by 53%



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The Federal Government recorded a shortfall of N580.6bn in oil revenue within the first quarter of the year, investigation has shown.

Documents obtained from the Ministry of Finance put the actual net oil revenue that accrued into the Federation Account for the three-month period at N509.35bn, depicting a shortfall of N580.62bn (or 53.27 per cent) from the N1,089,970,000 projected for the quarter.

This is in spite the favourable oil prices at the international market, which averaged $108.23 per barrel in the first quarter of the year.

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Source: Punch