So, Nigeria’s economy is largely dependent on oil and gas revenue. That’s no longer news.

Unfortunately, the sector isn’t bringing in as much revenue as it used to.

This is because of a host of reasons; demand isn’t as high as it used to be while production continues to lag.

According to this latest data from the Nigeria Extractive Industries Transparency Initiative, NEITI, the total financial flows from Nigeria’s oil and gas sector slumped to $17.05 billion in 2016.

This is a 31% decline on the $24.79 billion generated in 2015, and a 75% plunge on the sector’s peak earnings of $68.44 billion in 2011.

The data which was released in Abuja on Friday, said the drop in oil earnings showed that Nigeria lost $51.39 billion within the period under review.

Also Read: Bad News For Nigeria As OPEC Cuts It’s Oil Production Quota To 1.68 Million Barrels Per Day

In addition, the 2016 figure was the lowest in 10 years and the fifth lowest in the 18 years covered by NEITI’s audit reports so far (1999 to 2016).

NEITI 2016 Oil and Gas Industry Audit Report showed that the plunge in revenue in 2016 resulted from the double whammy of low oil prices in the global market and reduced oil production in Nigeria, which in turn was caused by disruption and vandalism of oil assets and a spike in crude theft, among others.

The yearly average price of crude oil per barrel was $43.73 in 2016 as against $52.5 in 2015. The total oil production in 2016 was 659 million barrels as against 776 million barrels produced in 2015, a fall of 15%.

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