FGN Loses N1.3trn in Crude Oil Earnings

According to the report released by the Central Bank of Nigeria, Nigeria lost N1.292trn in crude revenue in 2013. The crude oil earnings for 2013 amounted to N6.825trn indicating a decrease by 15.92% from N8.117trn recorded in 2012.

CBN disclosed that break down of the oil revenue for the first, second, third and fourth quarters of 2013 were N1.849trn, N1.813trn, N1.623trn and N1.538trn respectively.

This in comparison with the oil revenues of N2.376trn, N1.982trn, N1.936trn and N1.824trn for the first, second, third and fourth quarters of 2012 respectively indicated the decrease.

The drop in the exportation of crude, arising from the increase in crude theft, vandalization of pipeline and sabotage, among others were reasons for the decline in crude earnings.

Out of the total revenue of N9.748trn gotten in 2013, oil revenue accounted for 70.01% of the gross federally collected revenue.
The CBN also reported that so far, in 2014, the nation has recorded crude and gas sales of N1.599tn, petroleum profit tax/royalties-N3.719trn, while other unlisted component of gross revenue accounts for N1.547trn.

 

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