Forums » General News
N2.8trn from Petroleum Product in Nigeria
-
N2.8trn from Petroleum Product in Nigeria
National Bureau of Statistics (NBS), has released the data that Nigeria has earned N2.838 trillion from the export of petroleum products in the first quarter of 2015.
The amount has been said to be 64.18% of the Federal Government's 2015 budgetof N4.425 trillion.
The NBS, in its Foreign Trade Statistics for the first quarter of the year, stated that the export of petroleum products accounted for 87.86% of Nigeria’s total merchandise export of N3.23 trillion in the first quarter.
The NBS also disclosed that crude oil emerged the highest exported commodity in the quarter under review, valued at N2.251 trillion, representing 69.7 per cent of the country’s total export.
The value of the country’s crude oil export in the first quarter of 2015 is said to represent an appreciation of 0.54 per cent when compared against N2.239 trillion recorded in the preceding quarter. The amount however is also said to be a decline of 30.4 per cent from total crude oil export of N3.234 trillion recorded in the first quarter of 2014.