Dublin, Ireland — Nigeria earned N2.049 trillion from the oil and gas sector in the first half of 2022, rising by 9.28 per cent compared with oil and gas revenue of N1.875 trillion recorded in the same period in 2021, according to data released by the Central Bank of Nigeria (CBN).
The CBN, in its statistical bulletin for the second quarter of 2022, noted that revenue from the oil and gas sector accounted for 41.06 per cent of total revenue of N4.99 trillion in the first half of 2022, compared with the same period in 2021, when oil revenue accounted for 46.25 per cent of total federally collected earnings of N4.054 trillion.
It noted that in January, February, March, April, May and June 2022, the country earned N328.984 billion, N199.082 billion, N260.919 billion, N441.979 billion, N448.456 billion and N368.616 billion, respectively.
Giving a breakdown of the components of the country’s crude oil earnings in the first six months of 2022, the CBN stated that crude oil sales fetched the country N292.828 billion, dropping by 51.7 per cent from N606.276 billion recorded in the same period in 2021.
The CBN further stated that royalties on oil and gas appreciated by 31.27 per cent from N771.713 billion in the first half of 2021 to N1.013 trillion in the same period in 2022.
Revenue from rent in the petroleum industry stood at N2.751 billion, earnings from gas flare penalty stood at N37.743 billion in the period under review, compared with N2.508 billion and N44.717 billion, respectively, recorded in the first half of 2021.
Furthermore, the central bank disclosed that the country earned N8.072 billion from miscellaneous, pipeline fees and other oil revenue; while petroleum profit tax and gas tax fetched the country N694.312 billion in the first half of 2022.
The CBN report revealed that N252 billion was shared among oil-producing states in the country in the first six months of 2022 under the 13 per cent derivation principle, compared with N341 billion recorded in the first half of 2022.
Specifically, the central bank noted that ‘net oil revenue before 13 per cent derivation’ stood at N1.347 billion in the first six months of 2022, while net oil revenue after 13 per cent derivation stood at N1.095 trillion in the same period.
On the other hand, the CBN stated that gross non-oil revenue stood at N2.941 trillion in the period under review.
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