29 July 2017, Sweetcrude, Lagos — Nigeria earned N325.38 billion from Petroleum Profit Tax (PPT) and royalties from oil and gas companies in the first quarter of 2017, according to latest data released by the Central Bank of Nigeria, CBN.
The CBN in its Economic Report for the First Quarter of 2017 stated that the PPT and royalties recorded in the first quarter represented an appreciation of 19.13 percent from N273.13 billion recorded in the fourth quarter of 2016.
It also represented an appreciation of 3.61 percent compared to N314.04 billion recorded in the first quarter of 2016.
The country’s earnings from PPT and royalties accounted for 39.8 percent of total earnings from crude oil in the period under review. The country’s gross oil revenue stood at N817.48 billion.
In addition, crude oil and gas sales stood at N101.33 billion, representing 12.4 percent of total gross oil revenue in the period under review.
The CBN said, “At N817.48 billion or 54.4 percent of the total revenue, gross oil receipt was lower than the provisional quarterly budget estimate by 7.5 percent, but was above the receipts in the fourth quarter of 2016 by 21.4 percent.
“The decline in oil revenue relative to the budget estimate was attributed to the persistent fall in receipts from crude oil and gas export, due to the continuous drop in the price of crude oil in the international market as well as series of shut-ins and shut-downs at some NNPC terminals, owing to pipeline vandalism and repairs during the review quarter.”
“At N684.46 billion or 45.6 percent of total revenue, gross non-oil receipts fell below the provisional budget estimate by 54.2 percent. It was, however, above the level in the preceding quarter by 2.9 percent.
“The decline in non-oil revenue relative to the provisional budget estimate was due, largely, to the fall in receipts from most of its components except Customs Special Levies (Non-Federation Account) during the review quarter.”
The CBN further stated that the Federal Government received N18.99 billion, being NNPC’s indebtedness to the Federal Government in the first quarter of 2017.
Again, the CBN stated that estimated average electricity generation in the first quarter of 2017 rose by 0.09 per cent to 3,500 megawatts per hour (MW/h) compared with the level attained in the preceding quarter, attributing the increase to the slight boost in gas supply to the thermal stations, as well as the slight increase in water supply to the hydro stations.
“At 2998 MW/h, average estimated electricity consumed also rose by 0.08 per cent, compared with the level attained in the preceding quarter. The increase was attributed to an improvement in generation and transmission,” it noted.