The Nigerian Government realised about N5.04tn from the sale of oil between January and November 2019, latest data released by the Central Bank of Nigeria (CBN) revealed.
According to the apex bank economic report for November, the oil revenue was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period.
Given a monthly breakdown of the N5.04tn oil revenue, the CBN said that N417.3bn was earned in January, while February, March, April, May had N479.5bn, N516.9bn, N472.4bn, N410.2bn respectively.
For the months of June, the nation through the Nigeria National Petroleum Corporation (NNPC) made the sum of N336.6bn; July had N387.7bn; August, N484.8bn while September, October and November had N467.6bn, N577.3bn and N489.1bn respectively.
The apex bank noted that the sum of N363.9bn was generated from crude oil and gas exports, while the sum of N2.94tn was generated from Petroleum Profit Tax and Royalties.
“Oil receipt, at N489.08bn or 56.9 per cent of total revenue, was below both the monthly budget of N798.83bn and the preceding month’s receipt of N577.30bn by 38.8 per cent and 15.3 per cent respectively,” the report reads in part.
The decrease in oil revenue, relative to the monthly budget estimate, was attributed to shut-ins and shut-downs at some NNPC terminals.
The shutdown may be connected to pipeline leakages and maintenance activities.