North Sea oil is expected to generate £4.6bn of tax revenue much lower than SNP forecasts
The impartial Office for Budget Responsibility again downgraded the amount it expects oil and gas to generate between 2017-18 and 2021-22 from £7.3billion.
It also projected tax revenues of just £100 million for 2016-17 when the SNP said Scotland would become independent if Yes had won the 2014 referendum.
But the Scottish Government’s White Paper on independence predicted that almost 80 times more – between £6.8 billion and £7.9 billion – would flow into the public purse this year.
The OBR figures were published as Chancellor Philip Hammond used his Spring Budget outlining plans to help the industry.
The SNP knew their oil forecasts were based on fantasy figures but they tried to fool people anyway
Murdo Fraser – Scottish Tory finance spokesman
It came after an economist often cited by Alex Salmond halved Nationalist estimates for the amount of North Sea oil left.
In the run to the poll the former First Minister's blueprint for separation claimed 24 billion barrels were recoverable.
But Professor Alex Kemp, from Aberdeen University, produced a study putting this at 11 billion.
The oil price collapse has seen Scotland's annual deficit grow £15 billion
Earlier this week Andrew Wilson, who chairs the SNP's growth commission looking at the economic case for independence, will treat oil as "zero revenue" in its forecast.
He also suggested it was a mistake to claim three years ago that oil would be a "bonus" rather than the "basis" of a break away country's economy.
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The oil price collapse has seen Scotland's annual deficit grow £15 billion.
Scottish Tory finance spokesman Murdo Fraser said the latest OBR report further exposed the SNP's "tissue of lies".
He said: "The SNP knew their oil forecasts were based on fantasy figures but they tried to fool people anyway.
"Their oil con has now been exposed for the tissue of lies it was.
"They must now admit they were wrong, and spell out how they would fill Scotland's £15 billion deficit in the event we voted for independence."
The lower than expected figures leaves Nicola Sturgeon's case for independence in tatters
Jackie Baillie for Scottish Labour added: "The SNP's economic case for independence now lies in tatters.
"Scottish Labour warned time and again during the independence referendum campaign about the SNP’s rose-tinted fantasy of an independent Scotland’s finances.
"Time and again we were told we were talking Scotland down. But now the facts are clear."
Since its last report for November's Autumn Statement the OBR has revised down oil and gas revenues by an average of £500 million a year from 2017-18.
The tax-take is forecast to reach £900 million next year; £800 million in 2018-19; £1billion in both 2019-20 and 2020-21; and £900 million in 2021-22.
The SNP's White Paper was also based on oil prices of $110 per barrel but the OBR predicts this will only recover $55.6 this year.
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The forecast is up from $52.3 in November but the report said this "remains 44 per cent lower than our March 2014 assumption".
It added: "Oil and gas prices are lower by the end of the forecast, largely reflecting a slightly stronger pound. That reduces receipts by £0.3 billion in 2021-22."
An SNP spokesman said: “The gleeful celebration of the problems affecting the North Sea oil industry is as predictable as it is pathetic – and it speaks volumes that instead of focussing on a Tory Chancellor hell-bent on continued austerity, Labour’s first instinct is to attack the SNP.
"As for the Tories, they are on the shakiest of ground when they talk of referendum promises, given their blatant falsehoods on EU membership.
"A Tory hard Brexit is by far the biggest threat to Scotland’s economy, jobs and livelihoods, and independence must be an option to protect our vital national interests."