Sentences with phrase «on crude oil revenue»

Presenting the address of Buhari, the minister said the cocoa industry had suffered neglect as a result of the country's over-reliance on crude oil revenue.

Not exact matches

The decreases are largely the result of the oil glut and all - time lows for crude prices — last year, mining, oil producers, and metal companies lost a combined $ 70 billion on $ 1.3 trillion in revenue.

Africa's largest economy, which relies on crude sales for around 70 percent of government revenues, has been hammered by the more than 50 percent fall in oil prices since June last year.

Nigeria continues the absurdity of expending more than 30 % of scarce foreign currency importing refined petroleum products, a self - imposed malaise as we insist on subsidizing domestic fuel consumption; and crude oil and gas as a percentage of our export revenue stays at 96 % meaning beyond all the talk of diversification, current rhetoric does not match the outcomes!

ABUJA — Nigeria's woes in the area of dwindling revenue from crude oil sales is expected to heighten in the next couple of days, as the South African Petroleum Industry Association, SAPIA, yesterday, stated that South Africa would likely stop importing crude oil from Nigeria following the lifting of the sanctions on Iran.

Africa's biggest economy and top oil producer is reeling from the fall in crude revenues, the source of 95 percent of foreign earnings, which has led to the naira hitting record lows on the parallel market amid dwindling foreign exchange reserves.

These measures, taken together represent a major push by the President to increase internally - generated revenue, reduce over-dependence on crude oil earnings in a way that will bring stability and predictability in the financing of government programs.

He said media should endeavour in sensitizing public on the current economic predicaments through educative and informative programmes capable of orientating the general public on the need to be productive and take - off their minds from crude oil revenues that have crashed.

«The payment was to be from revenue flows from crude oil which is sold on the international market at bench mark prices but crude oil prices fell and that source of financing the loan became inadequate... So we had indicated that once the processes start, there could be other source of financing repayment for the facility.

Senior Minister, Yaw Osafo Maafo on Tuesday [14th February] told the media that government will get the necessary legislation to enable it use the Heritage Fund which is 9 percent of the revenue accrued to Ghana from its crude oil proceeds to finance the president's Free Senior High School policy.

But, if the goal is generating revenue for government to fund worthy projects, rather than a series of one - time sales, why not lift the ban on U.S. crude oil exports and create an annual revenue stream?