Nigeria's foremost Online Energy News Platform

FG Earns N16.6trn From Oil Industry In Four Years

A Central Bank of Nigeria’s (CBN) report has said that the Federal Government earned about N16.647 trillion from the petroleum industry, including crude oil and gas sales, royalties, petroleum profit tax, (PPT), and other sources from May 2015 to April 2019.

The earnings, however, did not include earnings by oil and gas companies operating in the country.

The total oil revenue represented the amount that was later shared to the federal, state and local governments after the inclusion of non-oil revenue, as well as after other deductions and transfers. The report showed that the amount earned by the Muhammadu Buhari administration in the first four years was 43.6% lower than the N29.514 trillion earned by the administration of President Goodluck Jonathan from May 2011 to April 2015.

A breakdown of oil revenue recorded during the Buhari administration, according to the CBN report, showed that from May 2015 to December 2015, oil revenue stood at N2.3 trillion; in 2016, 2017 and 2018, earnings from the industry stood at N2.693 trillion, N4.109 trillion and N5.63 trillion respectively, while from January to April 2019, the country earned N1.882 trillion.

The CBN report released on Monday showed that the President Goodluck Jonathan administration earned N29.59 trillion from the petroleum industry. The breakdown showed earnings of N6.321 trillion from May 2011 to December 2011; N8.094 trillion, N6.809 trillion and N6.793 trillion in 2012, 2013 and 2014 respectively, while from January to April 2015, the administration recorded oil revenue of N1.497 trillion.

The report stated that the amount earned by the Buhari administration in its first tenure represented 61.42% of the country’s budgets for 2015 to 2018. Specifically, between 2015 and 2018, the federal government’s total budgets stood at N27.1 trillion. In 2015, 2016, 2017 and 2018, the federal government’s budget estimates were N4.5 trillion, N6.06 trillion, N7.44 trillion and N9.1 trillion respectively.