Nigeria loses N1.3trn over decline in crude revenue

Nigeria lost N1.292 trillion in one year, as the country’s crude oil earnings dipped by 15.92 per cent to N6.825 trillion in 2013.

This, according to Central Bank of Nigeria (CBN) data, is against crude earnings of N8.117 trillion recorded in 2012.

In a breakdown of the figures in the gross federation account revenue, the CBN disclosed that oil revenue for first quarter 2013 stood at N1.849 trillion, while the second, third and fourth quarter oil revenue stood at N1.813 trillion, N1.623 trillion and N1.538 trillion respectively.

This is in comparison with oil revenues of N2.376 trillion, N1.982 trillion, N1.936 trillion and N1.824 trillion for the first, second, third and fourth quarter 2012 respectively.

The decline in crude earnings was attributed to a drop in crude export, arising from rising cases of crude theft, pipeline vandalism and sabotage, among others.

Oil revenue, therefore, accounted for 70.01 per cent of the gross federally collected revenue. Total revenue collected in 2013 amounted to N9.748 trillion.

A further breakdown of oil revenue in 2014, the CBN report disclosed that the country recorded crude oil and gas sales of N1.559 trillion; petroleum profit tax/royalties — N3.719 trillion, while other unlisted component of gross revenue account for N1.547 trillion.



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