Oil earnings drop by 29% to N790bn – CBN

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The CBN said the country did not record any earnings from gas sale in the first quarter of 2022, same as in the previous quarter, while earnings from oil and gas royalties, rent and gas flare penalties fetched the country N343.881 billion, N2.382 billion and N19.323 billion, respectively.

It added that earnings from miscellaneous, pipeline fees and other oil and gas revenue stood at N4bn, while Petroleum Profit Tax and gas tax fetched the country N267bn in revenue. Comparatively, in the first quarter of 2021, earnings from the oil and gas sector stood at N315bn, N297bn and N344bn for January, February and March, respectively.

The CBN reported that after various deductions, “net oil revenue before 13% derivation” stood at N487bn, while net oil revenue after 13 per cent derivation stood at N375bn. The Group Chief Executive Officer, Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday, identified oil theft as a major reason for the dip in production which ultimately led to low revenue.President, Society of Petroleum Engineers, Prof Olalekan Olafuyi, toldin an interview that the group was already discussing with the Nigerian Maritime Administration and Safety Agency, NIMASA, on strategies for monitoring crude oil theft.All rights reserved.

 

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Every Nigeria should hold themselves accountable for this including those bursting oil pipeline claiming marginalization.

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