Nigeria Loses $22m In Crude Oil In One Month

Despite the tauted fear of President Muhammadu Buhari being responsible for improved power supply in some quarters, Nigeria has lost a staggering $22.53m (N4.48bn) in crude oil revenue for the month of June, the Accountant General of the Federation, Ahmed Idris, has said.

The loss is attributed to the declining trend in crude oil prices at the international oil market.

According to Idris, oil price dropped from $65.76 per barrel in May to $61.27 in June 2015.

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The Organisation of Petroleum Exporting Countries, OPEC, secretariat calculation showed that daily basket price of 12 crudes dropped to $40.47 per barrel on Tuesday, from $40.67 on Monday.

President Buhari had reportedly boasted during the electoral campaigns ahead of March 28,2015 presidential election that if elected, he would stabilise the country’s oil price.

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