Nigeria’s oil revenue falls by 80%

Nigeria’s oil revenue falls by 80%

Oil revenues have dropped by 80 percent in Nigeria, government officials said Tuesday.It’s a huge challenge for the first Sub-Saharan economy highly reliant on the black gold.

General Manager in charge of Budgets, Ben Akabueze said ”Our forecast oil revenues have decreased by more than 80%. We had to lower our budget to bring it down to a base of $20 per barrel”.

In March, the government of Africa’s most populous nation announced a drastic reduction in its budget of about 15 percent due to f…

Africanews on YouTube brings you a daily dose of news, produced and realised in Africa, by and for Africans.
Africanews is the first pan-African multilingual media outlet, unique in its concept and vision.
Subscribe on our Youtube channel and receive all the latest news from the continent.

Africanews is available in English and French.
Website :
Facebook :
Twitter :

Tecla Chandata