Oil Price Rise Increases Revenue Allocation To FG, Others By 36% To N1.9trn
Buoyed by increases in oil revenue, statutory allocations to the three tiers of government rose by 36 percent to N1.9 trillion in the first quarter of 2018 (Q1’2018) from N1.4 trillion in the corresponding period of 2017 (Q1′ 2017), Vanguard reports.
Analysis showed that Nigeria’s daily income from oil shot up by 83 per cent to $112.9 million at the end of Q1’2018, from $61.8 million in Q1’2017, courtesy of higher crude oil prices and increased crude oil production.
Further analysis showed that average crude oil price as at end of Q1’2018 stood at $67.18 per barrel, up by 24 percent from $54.17 per barrel in Q1’2017. Similarly daily crude oil production rose by 47 percent to 1.68 million per day in Q1’2018 from 1.14 million per day in Q1’2017.
