WHY NIGERIA HAS TO MAKE A U-TURN FROM OIL REVENUE THIS YEAR -EXPERT
Nigeria revenue had dipped ever since oil products becomes insignificant for the western world. What else can the country embark on to generate needed revenue.
The Nigerian government has been at a lost ever since the price of crude dropped in the market. Now it's imperative that Nigeria find a new means of generating income for the tuning of the nation.
It was in the news that Nigeria got no revenue from crude oil export in the month of October despite an average daily oil production of 1.417 million barrels in the month of September, latest report by the Nigeria National Petroleum Corporation (NNPC) has shown.
NNPC on its report to the Federation Account allocation Committee (FAAC) released at the weekend disclosed that petrol subsidy for October was N199 billion. The amount would be deducted from November revenue due to FAAC in December, the corporation stated.
Domestic Gas and other receipts in the month was N6.78 billion. The Domestic Gas (NGL) in the month was N4.07 billion. NLNG: Feedstock valued at $59.43 million was sold to NLNG during the period out of which $52.57 million was received during the month. The difference being MCA obligations, Gas reconciliation and Credit Notes.
The sum of $95.63Mn being miscellaneous receipts, Gas and Ullage fees and Interest income was received in October 2021”. It's evident that the nation is at a loss on crude production due to the payment of subsidy.
It's evident that the givegnmff EFCC NT must look else where for income generation in the coming year else the entire nation will be in a dire state of wants and needs
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