By Michael Eboh

Nigeria earned N3.27 trillion from the oil and gas sector in 10 months, between January and October 2015, data obtained from the Central Bank of Nigeria, CBN, has revealed.


The CBN, in its Economic Report for October 2015, disclosed that oil and gas revenue in the 10-month period accounted for 55.93 per cent of the N5.847 trillion total federally collected revenue in the period under review.

In addition to revenue from oil and gas, the country also recorded non-oil revenue of N2.577 trillion, representing 44.1 per cent of federally-collected revenue from January to October 2015.

Giving a breakdown of components of the country’s oil revenue, the report stated that Nigeria earned N737.5 billion from crude oil and gas sales; N1.289 trillion from Petroleum Profit Tax (PPT)/Royalties; N1.159 trillion from domestic crude oil/gas sales and N85 billion from other unlisted sources.

On a month-by-month basis, the report revealed Nigerian earned as follows:

January – N486.4 billion; February – N359.7 billion; March – N364.6 billion; April – N286.2 billion; May – N267.2 billion and June – N285.6 billion respectively. Others are July – N369.4 billion, August – N314.9 billion, September – N265.2 billion and October – N271.1 billion respectively.

In terms of federally-collected revenue on a month-by-month basis, the CBN report showed the country collected for January, February, March, April and May, the sum of N692.1 billion, N554.8 billion, N808.7 billion, N472.2 billion and N462.5 billion respectively.

While N462.6 billion, N679.3 billion, 682.6 billion, N533.1 billion and N499.4 billon were collected in the months of June, July, August, September and October 2015 respectively.

In its analysis of the financials, CBN said the N499.37 billion collected in October was lower than both the monthly budget estimate and the receipt in September by 38.7 per cent and 6.3 per cent, respectively, which it attributed to the shortfall in receipts from oil and non-oil revenue, during the month of October.

In addition, the CBN stated that Nigeria’s crude oil production, including condensates and natural gas liquids, stood at an average of 2.02 million barrels per day (mbd) or 62.62 million barrels (mb) in October. It added that this represented an increase of 0.04 mbd or 2.0 per cent above the average of 1.98 mbd or 59.40 mb, recorded in the preceding month.

http://www.vanguardngr.com/2016/01/nigeria-earns-n3-27trn-from-oil-in-10-months/

Lalasticlala

You see?

It can barely finance the FG's budget....mind you, this money will first of all be shared by all tiers of govt.

Patapata, FG's share will be just 1.6 trillion naira...so how do you want to support the budget... By borrowing?


Yes... Borrowing to update website.

Borrowing to buy 1.2 billion naira furniture.

Borrowing to build a new 6 billion naira office for Fashola's ministry and 3 billion naira office block for EFCC.

Is that how austerity measures are implemented?

Buhari.....I love this your budget o

Oil Remains our top source of revenue...

So I think Buhari should stop those militants on a bombing spree before we see headlines like "Nigeria earns 20k in oil exports" in the next ten months!

Yet Some unlearned individuals on this forum will still say Oil is no longer important to fund our national budget simply because they told them lies about #800b and hid others from them.

Agreed the revenue from Oil has reduced due to crash in international market. But what about trillions these IOCs pay on royalties yearly? What about trillions Gas, through NLNG remits yearly?

Oil and Gas accounts for over 60% of the current budget but I don't know why they chose to lie about the figures in the budget

Just to digress:

The presentation of this Rochas Okorocha's Special Assistant on Channels tv is totally disgraceful! I felt like throwing up at the end. The guy is so full of lies.

When discrepancies were highlighted by Alede on the documents he himself (the Assistant) presented, all he could muster was "this is a private document"!! If they were private document, why bring them to public fora??

Asked how many months arrears they paid, he said "I think about 5". Alede pointed out that the document (payment voucher) says 10months, and the fool says "I said about five, I wasn't certain". Oga, there is a VAST difference between 5 and 10!!

These government officials could give one a heart attack with their lies someday!

Why was the $5 billion (one trillion naira) paid to FG in June by NLNG not captured?

We're in for a rough ride. With oil sales at an all time low and an incompetent finance minister, the future appears bleak.

IsraeliAIRFORCE:
Why was the $5 billion (one trillion naira) paid to FG in June by NLNG not captured?

NLNG money can't be captured because it's money from Gas not Oil. That one may be presented in a future date.

That's why when they tell you Oil accounts for less than 1trillion in the current budget. They lied, because they excluded huge monies from royalties and NLNG.

Even though Oil prices has gone down, Oil sales including royalties from IOCs and NLNG funds still accounts for over 60% of the current budget.

I like my country and Government and I want things to go well. But this government lies a lot, never seen before.

IsraeliAIRFORCE:
Why was the $5 billion (one trillion naira) paid to FG in June by NLNG not captured?

I thought that was for the previous year?

The clueless ones said "our oyel" is no longer relevant. South South is Nigeria, period!!!

id911:


NLNG money can't be captured because it's money from Gas not Oil. That one may be presented in a future date.

That's why when they tell you Oil accounts for less than 1trillion in the current budget. They lied, because they excluded huge monies from royalties and NLNG.

Even though Oil prices has gone down, Oil sales including royalties from IOCs and NLNG funds still accounts for over 60% of the current budget.

I like my country and Government and I want things to go well. But this government lies a lot, never seen before.

The record included Gas revenue as listed in the second paragraph.

PRYCE:
Oil Remains our top source of revenue...

So I think Buhari should stop those militants on a bombing spree before we see headlines like "Nigeria earns 20k in oil exports" in the next ten months!

Actually ehn that bombing spree would increase the price of oil

PRYCE:
Oil Remains our top source of revenue...

So I think Buhari should stop those militants on a bombing spree before we see headlines like "Nigeria earns 20k in oil exports" in the next ten months!

Actually those bombing spree, would help increase the price of oil, worldwide.

Why do you think Iran had been sanctioned by the U.S.......again?

IsraeliAIRFORCE:



The record included Gas revenue as listed in the second paragraph.

Guy read the article slowly again. It's only Oil and non Oil revenues not Oil and Gas per se.

Anytime CBN makes presentation about revenue from Oil and Gas sector, if NLNG revenue is included, they will make a separate page or pages dealing with NLNG alone.

In Nigeria, NLNG remittances doesn't come with Oil although some outsiders mistakingly or ignorantly used to lump them together with Oil revenue

id911:


Guy read the article slowly again. It's only Oil and non Oil revenues not Oil and Gas per se.

Anytime CBN makes presentation about revenue from Oil and Gas sector, if NLNG revenue is included, they will make a separate page or pages dealing with NLNG alone.

In Nigeria, NLNG remittances doesn't come with Oil although some outsiders mistakingly or ignorantly used to lump them together with Oil revenue

What I read is:

The CBN, in its Economic Report for October 2015, disclosed that oil and gas revenue in the 10-month period accounted for 55.93 per cent of the N5.847 trillion total federally collected revenue in the period under review.

Slikbae:
The clueless ones said "our oyel" is no longer relevant. South South is Nigeria, period!!!

What people do not realise is that oil will remain the mainstay of the Nigerian economy for a long time. Only the ignorant underestimate it's importance in any economy. But trust the naysayers, they're drawn to bad news like moth to a flame!

IsraeliAIRFORCE:


What I read is:

The CBN, in its Economic Report for October 2015, disclosed that oil and gas revenue in the 10-month period accounted for 55.93 per cent of the N5.847 trillion total federally collected revenue in the period under review.

ohw yeah I saw that point now. It's normally differentiated.

Thanks

but this revenue suppose to be higher in this administration than d previous one considering the fact that 400,000 bareels of oyel is no more stolen by the pdp government n so many leakages have been blocked.
why is the revenue in oil going down?

poiZon:
but this revenue suppose to be higher in this administration than d previous one considering the fact that 400,000 bareels of oyel is no more stolen by the pdp government n so many leakages have been blocked.
why is the revenue in oil going down?

Production per day is one, but the real deal is the dollar per barrel...

Garrit?

January – N486.4 billion;
February – N359.7
billion;
March – N364.6 billion;
April – N286.2
billion;
May – N267.2 billion and
June – N285.6
billion respectively.
Others are
July – N369.4
billion,
August – N314.9 billion,
September –
N265.2 billion and
October – N271.1 billion respectively.

Although many people wouldn't want to admit the fact,Buhari's admin tried here to atleast improve the income by some percentage not leaving out the fact that it was far better during GEJ's tenure.

Forget about the drop in March,April and May because I believe they all happened cos the GEJ had his attention fixed on the coming election and was also about leaving office at the latter stages so it is normal to experience such drop.

My only problems with Buhari's administration are;

1. The anti-corruption fight being partisan(don't ask me how if you can't open your eye).

2. His governors and himself treating we the citizens like almajiris. It is high time we vote for ourselves government that would give us opportuinity to work for our food and not provide uus with food. In a situation when the government provides rice and you feel like eating fufu,what happens? You go hungry? This should be the mindset an average nigerian should have.
Little wonder they used #5,000 and there was massive retrenchment when they came into power.
They were hoping to be giving the youths #5,000 each month rather than give them jobs to work for their money.
Little wonder they embark on free food sharing programmes across most of the states they govern which is not okay to me as it breeds laziness.

There are many things I would want to say but let me just save NLanders the stress of reading long epistles.

May God bless and direct our country.

#My_opinion_tho

And yet the APC keeps screaming that there is no money in Nigeria. Lying infinitum

Where is the money?

Sai Buhari

Slikbae:
The clueless ones said "our oyel" is no longer relevant. South South is Nigeria, period!!!

You get oil?

Hmmmm

Great

Some will say Oil is dead and talking about the 2016 budget? , But without our huge reserves who will confidently give us loans?








ThefakeStan

And some1 was asking how do we generate revenue to fund the Budget??

earned and looted , if u wan live long no dey reason this country matter because u will be maniacally bewildered

CACAWA:
You see?

It can barely finance the FG's budget....mind you, this money will first of all be shared by all tiers of govt.

Patapata, FG's share will be just 1.6 trillion naira...so how do you want to support the budget... By borrowing?


Yes... Borrowing to update website.

Borrowing to buy 1.2 billion naira furniture.

Borrowing to build a new 6 billion naira office for Fashola's ministry and 3 billion naira office block for EFCC.

Is that how austerity measures are implemented?

Buhari.....I love this your budget o

You're an English speaking illiterate.
During your masters reign, was there accountability like this?