Revenue received by the federation from crude oil sales, Petroleum Products Taxes (PPT), and royalties (after subsidies provided by Nigerian National Petroleum Corporation (NNPC) and cash calls) has decreased from $45 billion in 2011 to $32.3 billion in 2014, according to International Monetary Fund (IMF) Country Report on Nigeria.
Besides, between 2011 and 2014, oil lifting fell from 2.38 to 2.19 mbpd (71⁄2 per cent decline), largely due to stoppages associated with pipeline vandalism. The report, which was released on Monday, stated that the drop in oil revenue over 2011 to 2014, was larger than expected from the evolution of oil prices and production.
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