The federal government and the oil and gas producing companies may have lost an estimated $11.5billion to the drop in the price of Brent crude oil from $115 per barrel in June to $68.62 yesterday. With Nigeria producing about 2.4 million barrels per day and exporting 2.2 million barrels per day, the country may have lost as much as $11.5 billion between June and November this year, forcing the federal government to introduce a raft of measures to shore up its revenue in the face of dwindling earning from crude oil, its main revenue source. The situation may even become more dire should the slide persist. When THISDAY called the Minister of Finance and coordinating Minister of the Economy, Ngozi Okonjo-Iweala late last night for confirmation of the amount lost so far, she said: “It is not a straight forward arithmetical issue. It is pretty late […]