New CBN Report Shows Nigeria’s Oil Export Revenue Declines
Between January and June this year, Nigeria earned 207.54 billion naira from crude oil and gas export.
These earning falls short of the Federal Government’s target of 661.38 billion naira.
Of all the monies collected on behalf of the federal government within the period, oil constituted 61%, while non-oil accounted for the balance of 39%, according to a new economic report from the Central Bank of Nigeria, CBN.
It said at 2.69 trillion naira or 4.5% of Gross Domestic Product, “gross oil revenue fell below the proportionate budget estimate by 30.1% but rose above that of the first half of 2017 by 66.5%”.
The CBN said, “The drop-in oil revenue, relative to the proportionate budget estimate, was attributed to the decline in the volume of production and exports during the period. Relative to the budgeted benchmark of 2.3 million barrels per day, crude oil production averaged 1.90 million bpd.
“In addition, crude oil exports dropped below the proportionate budget benchmark of 611.38 billion naira by 403.84 billion naira or 66.1%.”
The report said 282.72 billion naira and 22.19 billion naira from the gross oil revenue were utilised for joint venture cash calls and cost of collection by the Department of Petroleum Resources, respectively.
Recall that Nigeria’s crude oil output increased by 0.27 million bpd or 16.6% in the first half of this year to an average daily production of 1.90 million bpd, compared to the output recorded in the same period last year.
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