By Mike Eboh
Nigeria’s earnings from the oil and gas sector rose marginally by three percent, year-on-year, to N5.536 trillion 2019 from N5.39 trillion in the 2018 fiscal year.
The Central Bank of Nigeria (CBN) disclosed this in its latest quarterly economic report adding that oil and gas earnings accounted for 54.2 per cent of total federally-collected revenue of N10.21 trillion in 2019.
Further analysis showed that the amount the country earned from the oil and gas sector represented 62.06 per cent of the Federal Government’s 2019 budget estimate of N8.92 trillion.
According to the apex bank, oil revenue stood at N1.41 trillion in first quarter 2019 (Q1’19) representing 4.1 percent, quarter-on-quarter (q/q), when compared with N1.47 trillion recorded in the preceding quarter (Q4’18). Oil revenue however dropped by 12.93 per cent, (q/q), to N1.219 trillion in the second quarter of 2019.
Oil revenue appreciated slightly by 9.93 per cent, (q/q), to N1.34 trillion in the third quarter and further rose by 16.4 per cent, (q/q), to N1.56 trillion in the fourth quarter.
Giving a further breakdown of components of the country’s earnings from the oil sector, the CBN disclosed that crude oil and gas exports, at N398.64 billion, accounted for 0.07 per cent of total federally-collected revenue, while earnings from petroleum profit tax/royalties stood at N3.529 trillion, accounting for 63.75 per cent of total federally-collected revenue in 2019.
Other oil earnings, comprising education tax, customs special levies, federation and non-federation and National Information Technology Development Fund (NITF); solid minerals and other mining revenue, stood at N1.609 trillion, representing 29.06 per cent of total earnings in 2019.