Vanguard News Oil revenue to remain subdued as output dips 15% On
Despite the recent rise in oil prices, there are strong indications that Nigeria is not likely to be out of the woods in its petroleum revenue performance and budget funding, due, mainly to the significant drop in its oil output. The Vanguard Public Finance Report has indicated that the sector recorded a 15 percent output decline in the first 11 months of this year. A breakdown showed that the nation produced an average of 1.5 million barrels per day, mb/d, (excluding Condensate) between January and November 2020, indicating a drop of 0.30 mb/d when compared to 1.8mb/d recorded in the corresponding period of 2019.