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Michael Eboh
Dublin, Ireland — Nigeria earned N4.569 trillion from the oil and gas industry in nine months, between January and September 2024, rising by 54.14 per cent, compared with N2.954 trillion recorded in the same nine-month period in 2023, according to latest economic data released by the Central Bank of Nigeria (CBN).
The CBN, in its Economic Data for the Third Quarter of 2024, stated that oil earnings accounted for 25.07 per cent of total federally collected revenue of N18.227 trillion in the period under review, as against accounting for 26.27 per cent of total revenue in the same period in 2023.
Giving a breakdown of oil revenue in the nine-month period, the CBN reported that in the first and second quarter of 2024, the country earned N1.531 trillion and N1.734 trillion, respectively, while in the third quarter of 2024, N1.305 trillion was earned from the oil and gas sector.
On the other hand, non-oil revenue stood at N13.658 trillion between January and September 2024, accounting for 74.93 per cent of total federally collected revenue, and rising by 64.17 per cent compared with N8.319 trillion recorded in the same nine-month period in 2023.
Further breakdown of oil earnings in 2024, the CBN noted that the country earned N219.21 billion from crude oil and gas exports between January and September, rising by 6,994 per cent from N3.09 billion recorded in the same period in 2023.
The country also earned N1.148 trillion from Petroleum Profit Tax (PPT) in the first to third quarters of 2024, rising by 21.13 per cent compared with N1.455 trillion recorded in the same periods in 2023; while royalties grew by 74.39 per cent to N2.026 trillion in the nine-month period in 2024, compared with N1.162 trillion recorded in the same period in 2023.
The country earned nothing from the domestic sales of crude oil in the period under review, while earnings from other oil and gas sources rose by 241.83 per cent to N1.176 trillion, compared with N344.13 trillion recorded in the same period in 2023.
In its analysis of Nigeria’s economy in the third quarter of 2024, the CBN said: “Gross federation account earnings improved, occasioned by higher receipts from non-oil revenue. At N6.86 trillion, provisional gross federation account receipt was 7.48 per cent above the level in the preceding quarter, but 23.71 per cent short of the benchmark.”
The CBN attributed the increase mainly due to higher receipts from corporate tax and value added tax (VAT), adding that the composition of gross federation revenue showed that non-oil revenue remained dominant, accounting for 81 per cent, while oil revenue constituted the balance.
“Oil revenue, however, fell by 24.72 per cent to N1.30 trillion, relative to the level in second quarter 2024 on account of lower receipts from petroleum profit tax (PPT) and royalties. It was also 75.39 per cent short of the quarterly target due to shut-ins, arising from ageing oil pipelines and installations,” the CBN noted.