Nigeria’s oil revenue dips to N945bn

Despite the steady rise in crude oil price, the country’s earnings from the commodity dropped for the fourth month. This was contained in a Central Bank of Nigeria’s (CBN’s) latest monthly economic report for January 2022.

According to the CBN data, the country earned N945 billion in January- representing 7.8 per cent less than the N1.024 trillion budgeted for the period.

A breakdown of the components of oil revenue showed that no revenue accrued from crude oil and gas exports in January, the second straight month the government has earned nothing from such a major income source. This is because the Nigerian National Petroleum Company (NNPC) is yet to remit funds to the joint pool of the federation account in recent months, due to rising petrol subsidy claims.

According to the data, revenue from petroleum profit tax and royalties, which forms the bulk of oil revenue, declined by 31 per cent to N247 billion compared to N360 billion the previous month and was also below the monthly target of N277 billion.