With Nigeria’s revenue from oil and gas dropping by N425.52billion in the first quarter (Q1) of 2020 to N940.91billion, according to the Minister of Finance, Budget and National Planning, Zainab Ahmed, operators have noted revenue from the sector is expected to tank further in the course of the year.
Speaking during a webinar organised by the Nigerian Association of Petroleum Explorationists (NAPE), the Chief Executive Officer, Seplat Petroleum Development Company Plc, Dr Austin Avuru, said oil revenues are no longer viable for the economy, and it is unlikely to witness high oil prices anytime soon.
Specifically, he said oil prices might not hit between $45 and $55 per barrel until 2022/2023.
According to him, with Q1 collection hovering around 46 per cent, expectations of revenue from the oil and gas sector are not promising, and would drop further between 25-35 per cent between Q2 and Q4.
