29 July 2017, Sweetcrude, Lagos — Nigeria’s crude oil revenue dipped by N65.3 billion to N238.1 billion in the month of May 2017, compared to N303.4 billion recorded in April.
According to latest data released by the Central Bank of Nigeria, CBN, in its Economic Report for May 2017, crude oil accounted for 21.52 per cent of the country’s total revenue, compared to 57.3 per cent in the previous month.
On the other hand, non-oil revenue stood at N220.3 billion, depreciating by 2.4 percent from N225.7 billion recorded in the previous month, while it also accounted for 48.06 per cent of gross federally-collected revenue.
However, the CBN said, “Gross oil receipts, at N238.09 billion or 51.9 percent of total revenue, was lower than the monthly budget estimate of N449.62 billion by 47.0 per cent. It was also below the April collection of N303.43 billion by 21.5 percent. The decline in oil revenue relative to the monthly budget estimate was attributed to the short fall in revenue from crude-oil and gas exports and Petroleum Profit Tax (PPT) and Royalties.
“At N220.33 billion or 48.1 percent of total revenue, non-oil revenue was below the monthly budget estimate of N445.14 billion by 50.5 percent. It was also below the April collection of N225.71 by 2.4 percent.
“The poor performance relative to the budget was due to the effect of the slowdown in general economic activities which impacted negatively on most of the components of the non-oil revenue.”
Giving a breakdown of total oil revenue, the CBN stated that crude oil and gas sales stood at N13.9 billion, dropping by 71.7 per cent from N49.2 billion recorded in April 2017; while domestic crude oil and gas sales rose by 5.42 per cent from N134.8 billion in April to N142.1 billion in May.
The country earned N81.5 billion from Petroleum Profit Tax and Royalties, dropping from N112.7 billion recorded in April; while other unlisted oil revenue fetched the country N0.7 billion from N6.8 billion recorded in April.
Continuing, the CBN stated that domestic crude oil production was estimated at 1.63 million barrels per day (mbd) or 50.53 million barrels (mb) in May 2017, while crude oil export was estimated at 1.18 mbd or 36.58 mb in the review month.
According to the CBN, the average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API) fell to $51.20 per barrel in May 2017 from $52.89 per barrel recorded in April 2017, representing a decline of 3.20 per cent.
The CBN said, “Sustained breather in the sabotage of crude oil installations by the militants in the Niger Delta eased upstream production conditions and led to increased crude oil production in May 2017.”