Lagos - Nigeria is estimated to have lost about N1.292 trillion in one year from decline in crude oil export due to rising cases of crude theft, pipeline vandalism and sabotage, among others according to the latest report from the Central Bank of Nigeria.
As a result of the loss, Nigeria’s crude oil earnings dipped from N8.117 trillion recorded in 2012.to N6.825 trillion in 2013, reports Vanguard.
A breakdown of the total oil revenue receipt showed that the country earned N1.559 trillion from crude oil and gas sales; N3.719 trillion from petroleum profit tax/royalties and N1.547 trillion from other unlisted components.
The CBN report, however, showed that revenue from oil still accounted for 70.01 percent of the gross federally collected revenue in 2013. Total revenue collected in 2013 stood at N9.748 trillion.
Read more at Vanguard.
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