Dublin, Ireland — Nigeria earned N468.72 billion from the oil and gas sector in October 2021, representing an increase of 52.46 per cent compared with oil and gas earnings of N307.43 billion recorded in the previous month.
According to data obtained from the Central Bank of Nigeria’s (CBN) Economic Report for October 2021, revenue from oil and gas accounted for 49.74 per cent of the N942.31 billion gross federally collected revenue in the month under review, while non-oil earnings accounted for 50.26 per of the total revenue.
In September 2021, at N307.43 billion, oil and gas earnings accounted for 35.99 per cent of total gross federally collected revenue of N854.31 billion , while non-oil earnings accounted for 64.01 per cent of the total.
The CBN further stated that earnings from crude oil and gas exports stood at N15.68 billion in October 2021, accounting for 3.35 per cent and 1.66 per cent of total oil earnings and total federation revenue, respectively, in the month under review.
Petroleum Profit Tax/Royalties accounted for 70.63 per cent and 35.13 per cent of total oil and gas earnings and total federation revenue, respectively, in the month under review, with N331.05 billion, while Nigeria earned N113.55 billion from domestic crude oil and gas sales, accounting for 24.23 per cent and 12.05 per cent, respectively, of the total oil and gas earnings and total federation revenue in the month under review.
Other oil earnings fetched the country N8.44 billion in the month under review, accounting for 1.8 per cent of total oil earnings.
On the other hand, in September 2021, the CBN noted that there were no earnings from crude oil and gas exports; earnings from Petroleum Profit Tax/Royalties stood at N163.48 billion; domestic crude oil and gas sales revenue stood at N132.77 billion, while other oil earnings stood at N11.17 billion.
In October 2020, earnings from crude oil and gas exports, Petroleum Profit Tax/Royalties, domestic crude oil and gas sales and other oil earnings stood at N12.63 billion, N159.85 billion, N96.53 billion and N8.52 billion, respectively.
In its analysis of federation account inflows, the CBN said: “Propelled by improved oil revenue inflow, arising from strong oil market fundamentals in the preceding months, federally-collected revenue in October 2021 rose relative to September 2021.
“In terms of share, non-oil revenue accounted for 50.3 per cent of total federation revenue, while oil revenue made up the balance of 49.7 per cent. This closely compares with the
50.6:49.4 non-oil-oil revenue mix envisaged in the 2021 Appropriation Act.
“At N468.72 billion, earnings from oil sources jumped by 52.5 per cent, in October 2021 relative to September 2021 but fell short of the monthly target by 7.4 per cent (or N37.21 billion).”
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