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Nigeria misses Q1 revenue target

Nigeria misses Q1 revenue target

Nigeria

The Nigerian government failed to meet is revenue target for the first quarter of 2016.

Although no specific figure was given for the first quarter target, the country’s Budget Minister says only 55 percent of the targeted revenue was reached.

He blamed the situation on attacks on oil facilities in the Niger Delta region.

Militant group, the Niger Delta Avengers have in recent times attacked oil installations in the region in their push for equal distribution of oil revenue.

Their actions have caused a decline in crude oil production in Africa’s biggest economy.

Oil sales make up about 70 percent of the Nigerian government’s revenue.

President Muhammadu Buhari in May, signed a 30.6 million dollar budget into law based on an estimated oil production of 2.2 million barrels per day at 38 dollars a barrel.

Production however slummed to about one million barrels per day earlier in the year.

Oil minister Emmanuel Ibe Kachikwu however says production levels are up this month at about 1.9 million barrels per day.