to $2.07 billion (416 billion Naira) in January as a result of plunging oil prices.This was revealed by the country’s Accountant General of the Federation.

“There was substantial loss of revenue due to a further drop in the prices of crude oil,” Nigeria’s Accountant General, Jonah Otunla said. “Also, a 33 percent decrease in export volumes between November and December 2014 translated to a loss of $159.88 million.”

He also added that the African economic powerhouse will distribute N500 billion in total to local, state and federal government for the month of January. This will also include additional remitted from VAT and state Oil Company, which does not constitute statutory revenue.

This revelation comes barely a week after Governor Godwin Emiefele of the Central Bank of Nigeria supported the suggestion that the nations non-oil contribution to its current account would double this year. It is an indication that this forecast may be kicking off to a bad start.

During a courtesy visit to the Nigerian Stock Exchange (NSE) in Lagos, Governor Godwin Emefiele of the CBN said this as a way of sustaining the confidence of investors in the nation’s failing capital market, re-emphasizing the ongoing plan to diversify the structure of the economy. “There is no need for anybody to panic because the Nigerian economy in our very view remains resilient. The Federal Government is doing much to diversify the nation’s economy and in due time we will begin to reap the benefits of these efforts.”