Africa’s biggest oil producer, Nigeria earned N32.63billion from crude oil sales in 2018, which represents a 54.6 percent drop from what $54.6billion it made in 2014, a new audit report by the Nigerian Extractive Industries Transparency Initiative (NEIT) has found.
This figure represents a 55 percent increase on the $20.99 billion recorded from the sector in 2017.
A five-year trend analysis of the earnings from the extractive sector showed a 54.6 percent drop from $54.6 bn in 2014 to $24.8 bn in 2015.
It further dropped by 31.2 percent to $17.05bn in 2016, but increased by 23 percent to $20.99 bn in 2017 and by 55 percent to $32.63 bn in 2018.
ISAAC ANYAOGU
