Michael Eboh
Dublin, Ireland — Nigeria’s oil earnings appreciated by 42.63 per cent to N522.08 billion in November 2024, from N366.03 billion recorded in October 2024, according to latest data released by the Central Bank of Nigeria (CBN).
In its Economic Report for November 2024, the CBN noted that oil earnings in November 2024 was 134.91 per cent higher than the N222.25 billion earned from the commodity in November 2023.
It added that oil revenue accounted for 21.66 per cent of total federally collected revenue of N2.41 trillion recorded in November 2024.
Giving a breakdown of the various components of the country’s oil revenue in November 2024, the CBN disclosed that the country earned N18.84 billion from crude oil and gas exports, dropping by 20.07 per cent from N23.57 billion in October 2024; while it appreciated by 3.63 per cent compared with N18.18 billion recorded in November 2023.
The CBN added that the country earned N125.35 billion from petroleum profit tax (PPT); compared with N81.23 billion and N38.5 billion in October 2024 and November 2023; while nothing was earned from domestic crude oil and gas sales, other oil earnings stood at N104.23 billion, compared with N53.61 billion in October 2024, and N9.12 billion in November 2023.
The CBN explained that though the gross federation account receipt was 19.65 per cent short of the target for the month; the improvement was attributed, largely, to higher collections from petroleum profit tax (PPT), royalties, company income tax (CIT) upstream, customs & excise duties and corporate tax.
It added that the increase in oil revenue from its level in October 2024, was as a result of higher collections from petroleum profit tax (PPT), royalties, company income tax (CIT) upstream, noting, however, that it fell short of the target by 70.46 per cent.
The financial sector regulator noted that: “Oil export earnings increased, driven by a significant increase in domestic crude oil production. Provisional data showed that total receipts from crude oil and gas exports increased to $3.89 billion, from $3.74 billion in October 2024.
“The increase was due to higher domestic crude oil production which rose to 1.49 million barrels per day (mbpd), from 1.33 mbpd in the preceding month. A disaggregation indicated that crude oil export receipts rose by 4.66 per cent to $2.92 billion, from $2.79 billion in the preceding month. Similarly, gas export earnings increased marginally to $0.97 billion, from $0.96 billion in October 2024.”
It added that merchandise import decreased, due to a decline in oil and non-oil imports, noting specifically, that the import of petroleum products decreased by 2.01 per cent to $0.99 billion from its level in the preceding month.
The CBN highlighted a positive growth outlook for the Nigerian economy irrespective of short-term headwinds.
“The outlook is contingent on successful implementation of the government reforms and programmes, stable crude oil prices, improved crude oil production, increased domestic refining capacity, relative stability of the exchange rate, and improved economic activities. However, potential risks such as decline in crude oil prices, insecurity, and reduction in economic activities could undermine the outlook,” the CBN stated.
