New Telegraph

CBN: Nigeria’s projected oil earnings dip by 28.3% to N799bn

  • OPEC cuts October output by 26m bpd

 

The Central Bank of Nigeria (CBN) has said that Nigeria earned N799.10 billion from the oil sector in the first quarter of 2022.
The apex bank made the disclosure in its currently published economic report for the first quarter of 2022.

 

The CBN’s economic report identified oil revenue to include crude oil and gas exports, domestic crude oil and gas sales, and petroleum profit tax and royalties, among others.

The country had earned N1.11 trillion in the fourth quarter of 2021. The figure was 66.4 per cent below the projected revenue. The N799.10 billion earning for the first quarter of 2022, therefore, represented a decline of 28.3 per cent.

However, non-oil revenue in the period under review was N1.73 trillion. This is a 0.13 per cent increase from N1.72 trillion in the previous quarter.
The figure, however, was 22.1 per cent below projected earnings in Q4.

 

The report said: “The uptick in earnings, relative  to 2021Q4, was attributed, largely, to a significant increase in collections from value-added tax and Federal Government independent revenue.

“Improvement in these revenue components underscored the intensification of non-oil revenue drive through broadening the tax net and plugging of revenue leakages, particularly, in government-owned enterprises (GOEs).

 

“Non-oil revenue accounted for 68.4 per cent of the total federation account remittances, while oil revenue contributed 31.6 per cent to federation account collections.

“Federation account operations receipts into the federation account declined by 2.5 per cent and 45.0 per cent, relative to the preceding quarter and target, following a sharp decline in oil revenue sources. “Gross federation receipts in 2022Q1 amounted to N2.530.49 billion. This compares with N2.594.26 billion in 2021Q4 and the benchmark of N4.598.25 billion.”

 

According to the report, the observed drop in federation receipts was triggered by the decline in all components of oil revenue. CBN also said the fiscal deficit of the Federal Government was N1.6 trillion, 11.8 per cent below the level in the previous quarter.

 

The report said: “At N1.617.84 billion, the provisional fiscal deficit of the FGN was 11.8 per cent below the level in the preceding quarter, but overshot the quarterly target of N1.596.52 billion by 1.3 per cent.”

 

 

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