The Federal Government saw its crude oil sales revenue plunged by 74.89 per cent in July to a record low of $55.29m, according to the Nigerian National Petroleum Corporation NNPC.
The NNPC’s latest data on the Federal Government’s export lifting showed that its crude oil sales proceeds stood at $219.58m in June, up from $120.50m in May.
Following the collapse in global crude oil prices and demand, Nigeria’s crude oil revenue tumbled from $336.65m in January to $281.14m in February, $184.59m in March and $148.86m in April.
The international oil benchmark, Brent crude, had slumped to as low as $15.98 per barrel in April from $70 per barrel in January.
Brent, against which Nigeria’s oil is priced, stood at $43.15 per barrel as of 7:30 pm Nigerian time on Sunday.
Oil and gas accounts for about 50 per cent of the Nigerian government revenues and over 90 per cent of export earnings, although it represents only about 10 per cent of the country’s GDP.
The NNPC also lifts crude oil and gas on behalf of the Department of Petroleum Resources and the Federal Inland Revenue Service and the proceeds are remitted into Federation Account, according to the report.