Nigeria Recorded 7% Growth In Oil Earnings In 2022

FG eyes more revenue as US increases crude purchase

Nigeria’s oil earning from the petroleum industry rose to of N4.641 trillion in 2022 from N4.358 trillion in 2021 signifying an increase of 6.5 per cent, the latest economic data released by the Central Bank of Nigeria, CBN has shown.

The CBN, in its analysis of federally collected revenue for 2022, disclosed that oil earnings accounted for 40.56 per cent of the country’s gross revenue of N11.44 trillion in 2022, while non-oil revenue accounted for 59.44 per cent of total revenue.

Giving a breakdown of gross oil earnings in 2022, the CBN stated reported that in January, February, March, April, May and June, revenue of N329.98 billion, N199.08 billion, N260.919 billion, N441.979 billion, N448.456 billion and N368.616 billion were recorded, respectively; while revenue of N455.93 billion, N485.068 billion, N269.11 billion, N540.307 billion, N251.86 billion and N590.655 billion were recorded in July, August, September, October, November and December 2022, respectively.

The highest earners for the federation in the petroleum industry in 2022, according to the financial sector regulator, were royalties and petroleum profit tax/gas tax, fetching the country N2.273 trillion and N1.942 trillion, respectively.

From January to June 2022, revenue from royalties stood at N144.709 billion, N98.11 billion, N101.062 billion, N260.96 billion, N237.933 billion and N170.556 billion respectively; while N175.240 billion, N285.3 billion, N125.947 billion, N252.428 billion, N101.679 billion and N317.225 billion were earned in July, August, September, October, November and December 2022, respectively.

Petroleum profit tax/gas tax earnings stood at N102.208 billion, N59.532 billion, N105.32 billion, N169.821 billion, N152.352 billion and N105.079 billion in January, February, March, April, May and June 2022, while in July, August, September, October, November and December 2022, N230.213 billion, revenue of N191.701 billion, N137.658 billion, N283.067 billion, N141.337 billion and N264.108 billion were recorded, respectively.

On the other hand, the CBN stated that earnings from crude oil sales stood at N334.964 billion; while the federation recorded zero revenue from gas sales.

Specifically, the central bank reported that crude oil sales revenue stood at N74.403 billion, N32.81 billion, N46.377 billion, N3.070 billion, N48.803 billion and N87.365 billion in January, February, March, April, May and June 2022, respectively; while N41.573 billion revenue was recorded from crude oil sales in July and N563 million in August.

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