Ike Amos
Dublin — Nigeria earned a total of N4.133 trillion from its oil and gas resources in 2021, according to data released by the Central Bank of Nigeria (CBN), dropping by 12.68 per cent compared with total oil and gas earnings of N4.733 trillion recorded in 2020.
The CBN, in a series of economic and statistical reports, also disclosed that total federally collected revenue for 2021 appreciated by 4.93 per cent to N9.762 trillion in 2021, as against N9.303 trillion recorded in 2020.
Hence, at N4.133 trillion in 2021, gross oil earnings accounted for 42.34 per cent of the N9.762 trillion federally collected revenue recorded in the year, compared with oil earnings accounting for 50.88 per cent of the N9.303 trillion federally collected revenue recorded in 2020.
Giving a breakdown of oil revenue for 2021, the CBN reported that in the first and second quarter of the year, N956.114 billion and N918.462 billion oil earnings were recorded respectively, while in the third and fourth quarter, the country recorded gross oil revenue of N1.143 trillion and N1.115 trillion, respectively.
In its analysis of the components of Nigeria’s oil revenue in the fourth quarter of 2021, the CBN stated that crude oil and gas exports, between October and December 2021, stood at N15.68 billion, compared with zero earnings in the third quarter (July to August 2021).
The CBN further stated that earnings from Petroleum Profit Tax (PPT)/Royalties stood at N834.06 billion in the fourth quarter of 2021, as against N833.19 billion in the third quarter of 2021; domestic crude oil and gas sales fetched the country N234.05 billion in the fourth quarter, compared to N276.66 billion in the third quarter; while ‘other’ oil earnings stood at N31.38 billion, compared with N32.85 billion in the third quarter.
The CBN explained that: “Federation receipts in the fourth quarter of 2021 declined, following shortfalls in oil revenue. At Na2,844.73 billion, provisional Federation receipts fell below the quarterly benchmark and the level in the preceding quarter by 7.5 per cent and 0.7 per cent, respectively.
“Non-oil revenue maintained its dominance, accounting for 60.8 per cent of the total collections, while oil revenue constituted the balance of 39.2 per cent.”
Follow us on twitter