Nigeria Earns N3.6trn From Oil in 11 Months

Nigeria earned about N3.549 trillion from the oil and gas sector in eleven months, between January and November 2015, according to data obtained from the Central Bank of Nigeria, CBN.

In an analysis of receipts in the Federation Account, the CBN, in its Monthly Economic for November 2015, said oil revenue accounted for 54.73 per cent of total federally-collected revenue of N6.484 trillion during the period, while non-oil revenue of N2.935 trillion made up 45.3 per cent.

On a month-by-month basis, the CBN report revealed that from January to June, the country earned N486.4 billion, N359.7 billion, N364.6 billion, N286.2 billion, N267.2 and N285.6 billion respectively, while N369.4 billion, N314.9 billion, N265.2 billion, N271.1 and N278.3 billion were earned in July, August, September, October and November 2015 respectively.

Gross federally-collected revenue for January 2015 stood at N692.1 billion; February, March, April, May and June recorded N554.8 billion, N808.7 billion, N472.2 billion, N462.5 and N462.6 billion respectively. For the months of July, August, September, October and November, gross federally-collected revenue stood at N679.3 billion, N682.6, N543.9, N478.2 billion and N646.6 billion respectively.

Further breakdown of components of gross oil revenue, the CBN disclosed that Nigeria earned N822.2 billion from crude oil and gas sales; Petroleum Profit tax and Royalties fetched N1.39 trillion; while N1.241 trillion and N91.7 billion came from domestic crude oil/gas sales and other unlisted items respectively.

Specifically, in November, the CBN said from the gross federally-collected revenue, a net distributable balance of N388.59 billion, excluding Value Added Tax and other transfers, was retained in the Federation Account. It added that the retained amount was distributed as follows: the Federal Government N191.99 billion; states N97.38 billion; and local governments N75.08 billion, while the balance of N24.14 billion, was shared among the oil producing states as 13% Derivation Fund.

It also explained that from the VAT Pool Account, the Federal Government received N8.67 billion; while state and local governments received N28.89 billion and N20.23 billion, respectively.

It said: “In addition, the sum of N7.00 billion was distributed as Exchange Gain as follows: the Federal Government N3.46 billion; state and local governments N1.75 billion and N1.35 billion, respectively.

“The balance of N0.43 billion was distributed to the oil-producing states as 13.0 per cent Derivation Fund. Furthermore, the sum of N6.33 billion was received by the Federal Government in respect of the 15th equal installment refund by the NNPC.

“Overall, total allocation to the three tiers of government, from the Federation and VAT Pool Accounts, in November 2015, amounted to N459.71 billion, compared with N380.48 billion, in the preceding month.”

Continuing, the CBN said the N646.56 billion gross federally-collected revenue in November, was lower than the monthly budget estimate by 20.7 per cent, but exceeded the receipt in the preceding month by 35.2 per cent.

The CBN attributed the shortfall in gross federally-collected revenue relative to the monthly budget estimate to the decline in receipts from oil revenue during the review month.

Vangaurd