Oil export revenue declines 41%

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By Obas Esiedesa

REVENUE from oil export fell by a whopping 41.44 percent to $2.033 billion in the first nine months of 2020, compared to $3.47 billion received in the corresponding period of 2019, data from the Nigerian National Petroleum Corporation, NNPC, has revealed.

NNPC had, in its September 2020 edition of the Monthly Financial and Operations Report (MFOR) disclosed that revenue from oil and gas export for the month of September, 2020, rose by 16 percent to $120.49 million.

But a closer look at previous months’ data contrasted with corresponding months’ figures in 2019 which shows a huge cumulative decline in revenue from oil export.

In September 2019, for instance, oil and gas export amounted to $355.3 million, compared to $120.49 recorded in September, 2020, a drop of $234.81 million or 66 percent.

In its various communications last year, the NNPC had hinted of the decline lamenting that the global outbreak of the Covid-19 in early…



Source: Vanguard Newspaper