Nigeria may have earned about N1.68 trillion as revenue from oil between 2015 and 2017. The Department of Petroleum Resources, DPR, in its 2017 Nigerian Oil and Gas Industry Annual Report, stated that the revenue was realised from oil and gas royalty, gas flare penalty, concession rentals and miscellaneous oil revenue. Specifically the report stated that about N545.06 billion was earned in 2015; N437.35 billion in 2016; while N704.43 billion was earned in 2017.

On gas royalty, the country made the sum of N71.75 billion. Out of that, it recorded N22.29 billion in 2015; N16.29 billion in 2016 and N33.17 billion in 2017. For gas flare penalty, Nigeria was said to have earned a total of N7.69billion within the period under review. A breakdown of the amount shows that N2.59 billion; N2.33 billion; N2.77 billion were earned in 2015, 2016 and 2017, respectively.

The report also stated that the country recorded a revenue generation of about N900.65 million on concession rentals, which included N201.27 million, N342,.49 million, N356.89 million recorded respectively between 2015 to 2017.  As regards miscellaneous oil revenue, the country realised a total of N30.23 billion. Specifically, N17.48 billion was generated in 2015; N6.40 billion in 2016 and N6.35 billion in 2017.

Source: Vanguard