The economic woes befalling Nigeria has been attributed to the crashing oil price in the global market, over the years, Nigeria’s oil revenue keep experiencing significant setback on monthly basis. In December 2014, gross oil revenue recorded was N480 billion, in January 2015, N460 billion; in February 2015, N401 billion; in March 2015, N315 billion; while in April 2015, it was N282 billion. According to the Central Bank of Nigeria’s Statistical Bulletin for 2015 quarters, at N1.859 trillion, Nigeria’s crude oil revenue for the 2015 fiscal year dipped by 37.47 per cent from N2.973n trillion recorded in 2014. In 2016, the fall continued to the lowest level in more than five years
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