CBN buildingFederal Government’s earnings from oil dropped by 29.2 per cent to N457.23 billion in August, the Central Bank of Nigeria (CBN) has said.

In a statement obtained from its website, the CBN said the oil receipts constituted 60.1 per cent of the total revenue.

It said the revenue fall was largely as a result of the shortfall in receipts from exports and other oil revenue during the period.

At N303.06 billion, gross non-oil receipts constituted 39.9 per cent of the total, and was 0.9 per cent above the monthly budget estimate. This was however lower than the level in the preceding month by 25.1 per cent. The increase in non-oil revenue relative to the receipts in the preceding month, reflected largely the rise in receipts from corporate and education taxes.

It said the rise in receipts relative to the monthly budget estimate, reflected largely the increased receipts from Corporate and Education Taxes, adding that Federal Government estimated retained revenue was N261.88 billion, while total estimated expenditure was N362.16 billion. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N100.28 billion, compared with the provisional monthly budget deficit of N73.92 billion.

The report said Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.88 million barrels per day (mbd) or 58.28 million barrels for the month. This was 0.03 mbd, or 1.6 per cent higher than the 1.85 mbd (57.35 million barrels) produced in the preceding month. It attributed the development to the successful arrests and constant clampdown of crude oil vandals, even though crude oil theft in the Niger Delta region continued to impact negatively on output.

The CBN said crude oil export was estimated at 1.43 mbd, or 44.33 million barrels per month, stating that this represented an increase of 2.1 per cent, compared with 1.40 mbd, or 43.4 million barrels recorded in the preceding month. Deliveries to the refineries for domestic consumption stood at 0.45 mbd, or 13.95 million barrels during the review month.

The regulator said the average price of the Organisation of Petroleum Exporting Countries’ (OPECs) basket of 11 crude streams increased by 2.9 per cent to $107.52 per barrel, compared with the level in the preceding month.

A breakdown of receipts showed that proceeds of industrial, manufactured, minerals, agricultural, and food sub-sectors stood at $88.05 million, $44.33 million, $27.12 million, $42.13 million, and $7.08 million, respectively.

It said world crude oil output in August was estimated at an average of 90.04 million barrels per day (mbd), while demand was estimated at 90.18 million barrels per day (mbd), compared with 89.95 and 89.64 (mbd) supplied and demanded, respectively, in the preceding month. The rise in demand was attributed to increased transportation and industrial fuel usage by the low income economies.


Information from The Nation was used in this report.