According to latest data released by the Central Bank of Nigeria (CBN), Nigeria earned N224.9 billion from petroleum profit tax (PPT) and royalties from the oil and gas sector in January and February 2017, Vanguard reports.

The CBN in its Economic Report for February 2017 released recently also put the country’s total earnings from the oil and gas sector in the month of February 2017 at N292.8 billion, rising by 37.92 per cent from N212.3 billion recorded in the previous month. Specifically, the report noted that in February, PPT and royalties from the oil and gas sector which stood at N120.1 billion, appreciated by 14.6 per cent from N104.8 billion recorded in January 2017.

However, crude oil and gas export sale dipped slightly by 2.32 per cent to N33.7 billion in February, from N34.5 billion in January 2017. On the other hand, domestic crude oil and gas sale rose sharply by 100.61 per cent from N65.9 billion in January to N132.2 billion in February.