Michael Eboh
Dublin, Ireland — Nigeria earned N813.22 billion from the petroleum industry in February 2025, rising by 33.57 per cent when compared with the N608.85 billion earning from the sector in January 2025, according to latest data by the Central Bank of Nigeria (CBN).
The CBN, in its Economic Report for February 2025, also noted that the amount from the oil and gas industry in the month under review, was 70.49 per cent higher than the N477 billion earned from the sector in February 2024.
The banking sector regulator stated that the country recorded total federally-collected revenue of N2.732 trillion in February 2025, of which oil revenue, at N813.22 billion, accounted for 30 per cent of total earnings, while non-oil revenue, at N1.9 trillion, accounted for 70 per cent of the country’s total earnings in the month under review.
Giving a breakdown of oil revenue, the CBN stated that earnings from crude oil and gas exports stood at N51.33 billion, accounting for 6.3 per cent of total oil earnings.
It added that earnings from oil and gas exports in February 2025 represented an improvement of 23.75 per cent and a decline of 54.37 per cent when compared with N15.38 billion and N112.48 billion recorded from the exports of both commodities in January 2025 and February 2024, respectively.
The CBN also noted that Petroleum Profit Tax (PPT) accounted for 8.3 per cent of total oil earnings, with N67.49 billion, dropping, however, by 39.55 per cent and 22.46 per cent when compared with N111.64 billion recorded in January 2025, and N87.04 billion recorded in February 2024, respectively.
Royalties, according to the financial sector regulator, accounted for 63.9 per cent of total oil revenue in February 2025, with N519.57 billion; rising by 53.71 per cent compared with N338.01 billion recorded in January 2025 and 101.87 per cent higher than the N257.38 billion recorded in February 2024.
The country did not record any earnings from domestic crude oil and gas sales in the month under review, while it earned N174.83 billion from other oil sources, rising by 21.56 per cent compared with N143.82 billion recorded in January 2025; and 769.8 per cent higher than the N20.1 billion recorded in February 2024.
In its analysis of oil sector activities in the month under review, the CBN disclosed that domestic crude oil production declined by 4.55 per cent to 1.47 million barrels per day, reflecting disruptions in maintenance operations on the Trans-Niger Pipeline and lower output from key terminals.
It added that global crude oil prices fell in February 2025, largely due to the possibility of a peace deal between Ukraine and Russia increased global refinery turnarounds.
Specifically, the CBN noted that the average spot price of Bonny Light, Nigeria’s reference crude oil, fell by 4.56 per cent to $77.08 per barrel (pb), from $80.76 pb in the preceding month.
However, the lender of last resort is bullish in its projections concerning the Nigerian economy. It said: “the domestic economy is projected to remain on a positive growth path in 2025, bolstered by ongoing policy reforms in the oil sector and foreign exchange market.
“Inflation is expected to moderate further, contingent on the lagged effects of past monetary tightening, improved security in food-producing areas, and relative exchange rate stability. However, risks remain, particularly from potential naira depreciation, fiscal expansion, and insecurity.”
