Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil firms paid N71.6bn as gas flaring penalties in 2022

    Oil firms paid N71.6bn as gas flaring penalties in 2022

    June 12, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Gas flaring in the Niger Delta.

    Ike Amos

    Dublin, Ireland — Oil and gas firms operating in the country paid N71.6 billion to the federation account in 2022, as penalties for gas flaring, according to data obtained from the Central Bank of Nigeria, CBN.

    The CBN, in its economic report for 2022, disclosed that gas flare penalties accounted for 1.54 per cent of the Federation’s gross oil earnings, irrespective of the fact that the country recorded zero revenue from gas sales in 2022.

    Giving a breakdown of the revenue from the gas flare penalties, the CBN stated that in January, February, March, April, May and June 2022, revenue from gas flared penalties stood at N6.457 billion, N6.565 billion, N6.304 billion, N5.725 billion, N7.778 billion and N4.917 billion, respectively, while N7.732 billion, N5.24 billion, N3.738 billion, N4.133 billion, N5.972 billion and N7.055 billion, revenue were gotten from the same source in July, August, September, October, November and December 2022, respectively.

    In comparison, the CBN reported that the revenue earned from gas flared penalties in 2022, was 25.84 per cent lower than the N96.544 billion recorded from the same item in 2021; where in January, February, March, April, May and June 2021, N5.795 billion, N7.254 billion, N5.53 billion, N13.353 billion, N6.501 billion and N6.283 billion respectively.

    In addition, in July, August, September, October, November and December 2021, the financial sector regulator stated that revenue from gas flared penalties stood at N6.167 billion, N12.336 billion, N7.929 billion, N6.379 billion, N8.404 billion and N10.611 billion respectively.

    Furthermore, the central bank stated that banks’ credit to the Nigeria oil and gas industry appreciated by 30.15 per cent from N1.466 trillion as at the end of 2021, to N1.908 trillion at the end of 2022.

    The CBN noted that credit to the oil and gas sector accounted for 6.48 per cent of the banks’ total credit to the private sector valued at N29.446 trillion.

    Also, the bank disclosed that banks’ credit to the power and energy sector in 2022 stood at N297.408 billion, dropping by 12.26 per cent compared with N338.945 billion recorded at the end of 2021.

    According to the CBN data, credit to the power sector in 2022 accounted for 1.01 per cent of banks’ total credit to the private sector.

    As at December 31, 2021, total credit facilities advanced by the banks to the private sector stood at N24.378 billion, 20.79 per cent lower compared with the N29.446 trillion advanced to the private sector in 2022.

    Follow us on twitter

    Related News

    Nigeria’s renewable power capacity to reach 1.7GW in 2035

    NLNG, NCDMB launch training for 140 Nigerians as Train-7 hits 80% completion

    Cooking gas costs overshoot N70,000 minimum wage

    E-book
    Resilience Exhibition

    Latest News

    Crude climbs on US jobs report, China talks

    June 6, 2025

    Be deliberate in securing govt facilities in your communities – IBAS

    June 6, 2025

    UAE’s power capacity to reach 79.1GW in 2035

    June 6, 2025

    Gold steady near week high as markets brace for key US jobs data

    June 6, 2025

    Nigeria’s renewable power capacity to reach 1.7GW in 2035

    June 6, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.