Oil revenues have dropped by 80 percent in Nigeria, government officials said Tuesday.It's a huge challenge for the first Sub-Saharan economy highly reliant on the black gold.

General Manager in charge of Budgets, Ben Akabueze said ''Our forecast oil revenues have decreased by more than 80%. We had to lower our budget to bring it down to a base of $20 per barrel''.

In March, the government of Africa's most populous nation announced a drastic reduction in its budget of about 15 percent due to f…
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