18 June 2015, Lagos – Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.91 million barrels per day (mbpd) or 57.30 million barrels in April 2015. This represented an increase of five per cent above the level of 1.82 mbd or 56.42mbpd recorded in the preceding month.
The Central Bank of Nigeria (CBN) disclosed this in its monthly economic report for April 2015, obtained on Monday.
Crude oil export was estimated at 1.46 mbd or 43.80 million barrels in the month under review. This also represented an increase of 6.6 per cent above the level recorded in the preceding month. Deliveries to the refineries for domestic consumption remained at 0.45 mbd or 13.50 million barrels during the review month.
“At an estimated average of $59.55 per barrel, the price of Nigeria’s reference crude, the Bonny Light (37º API), rose further by 3.7 per cent above the level in the preceding month. The average prices of other competing crudes, namely the UK Brent at $58.18 per barrel; the West Texas Intermediate at $52.82 per barrel; and the Forcados at $59.88 per barrel, also showed similar trends as the Bonny Light.
“The average price of OPEC’s basket of eleven crude streams, at US$55.61 per barrel, indicated an increase of 5.7 per cent, but indicated a decline of 46.7 per cent, compared with the average of US$52.61 and US$104.27 per barrel recorded in the preceding month and the corresponding period of 2014, respectively,” the report added.
Nonetheless, at N735.07 billion, the estimated federally-collected revenue in April 2015, was lower than the monthly budget estimate by 9.8 per cent. It was, however, higher than the receipt in the preceding month by 35.8 per cent.
“At N286.24 billion or 38.9 per cent of total revenue, gross oil receipt was lower than the monthly budget estimate and the level in the preceding month by 36.8 and 21.5 per cent, respectively. The decline in oil receipts relative to the monthly budget estimate was attributable to the fall in receipts from crude oil and gas exports, occasioned by the drop in the price of crude oil in the international oil market.
“At N448.83 billion or 61.1 per cent of the total revenue, gross non-oil receipts was above the monthly budget estimate and the level in the preceding month by 23.9 and 154.1 per cent, respectively. The increase in non-oil revenue relative to the monthly budget estimate reflected largely, the increased receipts from the FGN Independent Revenue,” it explained.
Furthermore, the report stated that during the month, of the gross federally-collected revenue, a net sum of N307.45 billion (excluding deductions and transfers) was transferred to the Federation Account for distribution among the three tiers of government and the 13 per cent Derivation Fund.
The federal government received N146.49 billion, while the state and local governments received N74.30 billion and N57.28 billion, respectively. The balance of N29.38 billion was distributed to the oil producing states as 13 per cent Derivation Fund.
From the VAT Pool Account, the federal government received N10.25 billion, while the state and local governments received N34.17 billion and N23.92 billion, respectively.
– This Day