Oil & gas boosts Nigeria’s revenue by N3.27trn in 10 months

*A drilling rig operating in Soku.

*A drilling rig operating in Soku.

20 January 2016, Abuja — Nigeria earned N3.27 trillion from the oil and gas sector in 10 months, between January and October 2015, data obtained from the Central Bank of Nigeria, CBN, has revealed.

The CBN, in its Economic Report for October 2015, disclosed that oil and gas revenue in the 10-month period accounted for 55.93 per cent of the N5.847 trillion total federally collected revenue in the period under review.

In addition to revenue from oil and gas, the country also recorded non-oil revenue of N2.577 trillion, representing 44.1 per cent of federally-collected revenue from January to October 2015.

Giving a breakdown of components of the country’s oil revenue, the report stated that Nigeria earned N737.5 billion from crude oil and gas sales; N1.289 trillion from Petroleum Profit Tax (PPT)/Royalties; N1.159 trillion from domestic crude oil/gas sales and N85 billion from other unlisted sources.

On a month-by-month basis, the report revealed Nigerian earned as follows:

January – N486.4 billion; February – N359.7 billion; March – N364.6 billion; April – N286.2 billion; May – N267.2 billion and June – N285.6 billion respectively. Others are July – N369.4 billion, August – N314.9 billion, September – N265.2 billion and October – N271.1 billion respectively.

In terms of federally-collected revenue on a month-by-month basis, the CBN report showed the country collected for January, February, March, April and May, the sum of N692.1 billion, N554.8 billion, N808.7 billion, N472.2 billion and N462.5 billion respectively.

While N462.6 billion, N679.3 billion, 682.6 billion, N533.1 billion and N499.4 billon were collected in the months of June, July, August, September and October 2015 respectively.

In its analysis of the financials, CBN said the N499.37 billion collected in October was lower than both the monthly budget estimate and the receipt in September by 38.7 per cent and 6.3 per cent, respectively, which it attributed to the shortfall in receipts from oil and non-oil revenue, during the month of October.

In addition, the CBN stated that Nigeria’s crude oil production, including condensates and natural gas liquids, stood at an average of 2.02 million barrels per day (mbd) or 62.62 million barrels (mb) in October. It added that this represented an increase of 0.04 mbd or 2.0 per cent above the average of 1.98 mbd or 59.40 mb, recorded in the preceding month.
*Michael Eboh – Vanguard

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