The contribution of the oil and gas sector to the Nigerian economy declined significantly in the second quarter of 2013, as revenue accruable to the Federal Government from the sector dipped by N35.7 billion.
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The Central Bank of Nigeria, CBN's Economic Report for the Second Quarter of 2013, revealed that oil revenue dropped by 1.93 per cent from N1.849 trillion to N1.814 trillion at the end of the second quarter.
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A breakdown of the gross oil revenue for the period showed:
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•crude oil/gas sales depreciated by N35.3 billion or 8.04 per cent to N403.8 billion from N439.1 billion at the beginning of the quarter.
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•Petroleum Profit Tax, PPT/Royalties depreciated by N57.1 billion or 5.54 per cent to end the quarter at N973.1 billion.
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•Decline in crude oil production and export by N307 billion -production dropped by 8.87 million or N150 billion, while export dipped by 9.32 million about N157 billion.
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The CBN blamed the development on incessant pipeline vandalism, resulting from crude oil theft in the Niger Delta.
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Cordros Capital, in its Nigerian Macroeconomic Outlook, July to December 2013, warned that a further decline in the price of oil in the international market would make Nigeria's fiscal position unsustainable.