Ike Amos
Dublin, Ireland — Nigeria’s oil earnings appreciated by 0.64 per cent to N814.23 billion in the third quarter (Q3) of 2023, compared with N809.02 billion earned from the petroleum industry in the second quarter of 2023, according to economic data released by the Central Bank of Nigeria, CBN.
The CBN, in its Economic Report for the Third Quarter of 2023, also stated that the amount earned from crude oil in the third quarter of 2023 was 33.94 per cent lower than the N1.233 trillion revenue from the oil and gas industry in the third quarter of 2022.
Giving a breakdown of gross oil earnings in the third quarter of 2023, the CBN noted that crude oil and gas exports revenue stood at N3.09 billion, compared with zero earnings from export of the commodities in the second quarter of 2023 and third quarter of 2022, respectively.
The country recorded zero earnings from domestic crude oil and gas sales in the quarter under review, same as in the previous quarter, while in the third quarter of 2023, domestic crude oil and gas sales stood at N64.56 billion.
The CBN further disclosed that revenue from Petroleum Profit Tax/Royalties dipped by 34.17 per cent to N513.05 billion in the third quarter of 2023, compared with N779.41 billion recorded in the previous; while it dipped by 55.23 per cent compared with N1.146 trillion recorded in the third quarter of 2022.
Other petroleum revenue rose by 906.72 per cent from N29.61 billion in the second quarter of 2023 to N298.09 billion in the third quarter of 2023; while it was also 1,261 per cent higher than the N21.91 billion earned from this item in the third quarter of 2023.
According to the CBN, other petroleum earnings comprise non-regular oil receipts, including oil/gas dividends and profit, signature bonus and oil-related recoveries.
In general, the banking sector regulator stated that federally collected revenue, though below the target by 9.5 per cent. improved by 50.1 per cent relative to the level in the preceding quarter, due to higher non-oil receipts.
It said: “The improved performance reflected higher receipts from Company Income Tax (CIT), Customs & Excise Duties and Value-Added Tax (VAT), Production Sharing Contract (PSC), and the 2023 interim dividend declaration by the Nigerian National Petroleum Company Limited (NNPCL).
“Non-oil revenue continued to dominate federation revenue, accounting for 83.0 per cent, while oil revenue made up the balance of 17.0 per cent.
“Driven by receipts from production sharing contract (PSC) and dividends from NNPCL, oil revenue, at N814.23 billion, rose by 0.6 per cent above the level in the preceding quarter, but was below the target of N2,410.89 billion by 66.2 per cent.”
