Nigeria's Economy Suffers N249bn Loss in July as Crude...
International News
August 24, 2023
In July, Nigeria faced a significant setback as it grappled with a substantial loss of N249 billion due to a decline in crude oil output. According to data provided by the state-owned petroleum regulatory commission, the country's oil production witnessed a drop of approximately 4 million barrels from June to July. The repercussions of this decrease not only impact the federal government's revenue but also result in a reduction of crucial foreign exchange inflows.