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Nigeria Suffers ‘Substantial’ Revenue Loss as Oil Prices Fall

Nigeria’s government revenue fell 15 percent in January as falling oil prices eroded the income of Africa’s biggest crude producer.

Revenue fell to 416.1 billion naira ($2.1 billion) in January compared with 490 billion naira a month earlier, Accountant-General Jonah Otunla said Wednesday in an e-mailed statement. The volume of oil exports declined 33 percent in November and December, resulting in $159.88 million of lost revenue, Otunla said.