Lagos – Nigeria’s gas export earnings decreased by 2 percent to US$0.30 billion in August this year, according to figures obtained from the Central Bank of Nigeria, CBN.
The amount is relative to $0.31 billion realised in the previous month of July.
The CBN, in its Economic Report for August 2020, stated that Nigeria earned N401.98 billion from the petroleum industry in August as against N262.38 billion recorded in July.
According to the report, oil revenue accounted for 52.37 per cent of total federation revenue in August 2020, compared to 35.12 per cent of total revenue in July 2020 and 52.94 per cent in August 2019.
In general, the CBN stated that total federally-collected revenue in August 2020 rose by 2.7 per cent to N767.55 billion, compared with its level in July 2020, but was below the budget benchmark by 9.4 per cent.
It attributed the increase to improved receipts from oil revenue sources, noting that retained revenue of the Federal Government of Nigeria, FGN, in August 2020 was N290.31 billion, while total expenditure stood at N699.70 billion, resulting in a deficit of N409.39 billion.
The CBN also reported that the country earned N296.17 billion from Petroleum Profit Tax, PPT, with royalties accounting for 73.68 per cent of total oil revenue. Domestic crude oil and gas sales accounted for 17.45 per cent of total oil revenue, with N70.15 billion.
Crude oil and gas exports fetched the country N24.28 billion, representing 6.04 per cent of total oil earnings, while other oil earnings stood at N11.38 billion.
In comparison, in July 2020, the country earned N40.14 billion from crude oil and gas exports; N145.24 billion and N68.42 billion from Petroleum Profit Tax, PPT, and royalties, and domestic crude oil and gas sales, respectively, while other oil earnings stood at N8.58 billion.
In August 2019, the country earned N28.44 billion, N321.36 billion, N130.52 billion and N4.43 billion from crude oil and gas exports, Petroleum Profit Tax, PPT, and Royalties, domestic crude oil and gas and other oil earnings, respectively.