The International Monetary Fund (IMF’s) Article IV Consultation Staff Report has shown that Nigeria’s oil earnings would drop to $52 billion this year, from $88 billion it was the previous year.

This represents a reduction of six percentage points in the nation’s Gross Domestic Product (GDP) and would reduce its external current account balance as well as international reserves.

The Fund’s report says Nigeria’s outlook for growth is expected to moderate as the economy adjusts to permanently lower oil prices.

According to the IMF, fiscal oil revenues are projected at 3.4 per cent of GDP, down from 5.8 per cent last year, limiting fiscal spending. It said aggregate demand shocks could lower growth by about 1.5 percentage point from last year to 4.3 per cent this year.

IMF added that the overall impact on non-oil sector GDP will come from cuts in public investment and a reduction in real purchasing power of oil receipts.

It said the depreciation of the local currency will add to inflation, reflecting the pass-through of higher domestic prices for imports, However, it said the effect is likely to be contained, in part due to lower food prices from increased local production of staple food crops.

The IMF said the outlook is compromised by low fiscal and external buffers, which have reduced the capacity to absorb shocks relative to the experience of the 2008-09 financial crisis.

Read full story
http://monitor9ja.com/2015/07/imf-nigerias-oil-revenue-may-drop-to-52b/

Ok

What else do you expect to happen to the economy of a great nation led by a great dullard?

may drop. what if it doesn't drop?

No more Foods for school kids and the 5k for APC children of Hate has gone down the drain

Drop Kwa!!Chaiii!!!!!

We'll still survive!! This is Nigeria!!

Many country are living without oil, we survive even with that

Ok

Not good news for the country. Hopefully, it wont affect us much.


And to those boasting above me, please for now, Nigeria has no other means of generating enough revenue for survival without oil.


God bless Nigeria and Nigerians

It is time to diversify and say 'to hell' with this oil we don't have control over

When caught up in such dire straits, ingenuity is encouraged. I see Nigeria becoming a better country with less dependence on oil exports.

Buhari should recover all the monies he can and plough same back into the agric sector, maintain stable supply of electricity, and aggressively pursue the development of the solid minerals sector. If these can be achieved, I see no limit to how great this country could become.

Anything to Balkanize zoo and bring it down.

fkpboss:
What else do you expect to happen to the economy of a great nation led by a great dullard?

And what was the result when the master holder called GEJ was is power....believe me bro....you are a victim of hate,and that will always cast a shadow on your sense of reasoning

Thank God for GEJ's Agricultural Revolution. Food getting cheaper by the day..

When we were making $88b and more, what did the GEJ led administration do with the money? They simply embezzled it.

ki02020:





And what was the result when the master holder called GEJ was is power....believe me bro....you are a victim of hate,and that will always cast a shadow on your sense of reasoning

you are ore clueless than Buhari
it may sadden ou to know that Nigeria became the country with the largest economy in Africa and 20th largest economy in the world under jonathan's watch...*SMH* you are a victim of ignorance