Crude Oil Income Plumet By 29% To N790bn – CBN

The Central Financial institution of Nigeria (CBN) has revealed in its statistical report that there was a decline in crude oil income within the first quarter of 2022.

Within the interval beneath evaluate, earnings from crude oil reportedly crashed by 29 per cent.

Naija Information reviews that the apex monetary institute mentioned in its newest financial and statistical report that within the first quarter of the 12 months, earnings from crude oil plummeted to N790bn from N1.1trn recorded within the earlier quarter.

Nigeria’s crude oil and fuel earnings within the first quarter of 2022 had been additionally 17.1per cent decrease than the N956bn income recorded in the identical interval in 2021.

CBN mentioned oil income for the primary quarter of 2022 accounted for 38 per cent of the nation’s gross income, which stood at N2trn within the interval beneath evaluate, whereas non-oil income, at N1.1trn, accounted for 62 per cent of whole earnings.

As compared, within the fourth quarter of 2021, oil income accounted for 46 per cent of gross income, the identical as the primary quarter of 2021.

In January 2022, Nigeria earned N330bn. The nation raked in N199bn and N261bn in February and March 2022, respectively.

An additional breakdown of the earnings confirmed that within the first quarter of 2022, earnings from crude oil gross sales stood at N153 bn, in comparison with N234bn and N412bn recorded within the fourth and first quarters of 2021, respectively.

The CBN mentioned the nation didn’t document any earnings from fuel sale within the first quarter of 2022, similar as within the earlier quarter, whereas earnings from oil and fuel royalties, hire and fuel flare penalties fetched the nation N343.881 billion, N2.382 billion and N19.323 billion, respectively.

Additional breakdown of the statistics revealed that earnings from miscellaneous, pipeline charges and different oil and fuel income stood at N4bn, whereas Petroleum Revenue Tax and fuel tax fetched the nation N267bn in income.

Comparatively, within the first quarter of 2021, earnings from the oil and fuel sector stood at N315bn, N297bn and N344bn for January, February and March, respectively.

After numerous deductions, web oil income earlier than 13% derivation in line with the report stood at N487bn, whereas web oil income after 13 per cent derivation stood at N375bn.