Nigeria Rakes In N5.04trn Oil Revenue In 11 Months-CBN

Data obtained from the Central Bank of Nigeria (CBN) revealed that the country through the Nigeria National Petroleum Corporation (NNPC) realised about N5.04tn from the sale of crude oil between January and November 2019.

A breakdown of the figure according to the CBN economic report for November showed that the sum of N363.9bn was realised from the sale of crude oil and gas while N2.94tn came from Petroleum Profit Tax and Royalties.

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Monthly analysis of the oil revenue showed that N417.3bn, N479.5bn, N516.9bn, N472.4bn, N410.2bn and N336.6bn were earned in January, February, March, April, May and June respectively.

While the sum of N336.6bn was generated in June, July, August, September, October and November had N387.7bn, N484.8bn, N467.6bn, N577.3bn and N489.1bn respectively.The report stated that the total sum made in the period under review was lower than the N8.77tn revenue target in the 2019 budget, and attributed the decrease to shut-ins and shut-downs at some NNPC terminals due to pipeline leakages and maintenance activities.

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