Nigeria made N5.54tn from oil and gas in 2018

Mar 02, 2019
Figures from the Central Bank of Nigeria (CBN) has shown that Nigeria earned a total of N5.54 trillion from oil and gas revenue in 2018.
According to the figures, the N5.54 trillion revenue was earned through crude oil/gas sales, petroleum profit tax/royalties and others.
A breakdown of the figure revealed that the sum of N1.28 trillion was earned in the first quarter, N1.38 trillion in the second, while N1.39 trillion and N1.46 trillion were in the third and fourth quarter respectively.
A further breakdown of the oil receipt showed that the first quarter N1.28 trillion revenue was earned through crude oil sales of N98.21 billion; PPT/royalties, N926.33 billion; and others, N263.51 billion, while for the second quarter, the N1.38 trillion revenue was earned through crude oil sale to the tune of N109.32 billion; PPT/royalties, N841.03 billion; and others, N447.7 billion.
In the third quarter, N104.49 billion was earned from crude oil sales, N914.56 billion from PPT/royalties and N375.14 billion from others.
In the fourth quarter, Nigeria earned the sum of N103.6 billion from crude oil sales, N1.04 trillion from PPT/royalties while N317.5 billion came in from other oil revenue sources.
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