Nigeria’s oil revenue fell about 9% month-on-month to Naira 474.88 billion ($2.9 billion) in April, due to disruption to oil production and exports at the Shell operated Forcados oil terminal and ExxonMobil’s export terminals, Nigeria’s finance ministry said Friday. “Oil revenue fell to about Naira 474.88 billion in April compared to about Naira 519.99 billion in March. The decline in revenue is due to production shut-in at the Qua Iboe and Yoho terminals as well as the shut down of Forcados,” the ministry said in a statement. Consequently, Nigerian government revenue dropped to Naira 584.15 billion in April from Naira 614.35 billion in March. Oil accounts for more than 80% of Nigerian government revenue. But Nigeria’s crude production and exports have declined steadily over the last 12 months because of pipeline problems, production shut-ins and large-scale oil theft. Nigeria’s central bank estimated that the country’s oil production averaged 1.86 […]