Business
Nigeria made N5.54tn from oil and gas in 2018
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.
Read also: Record high US crude oil production drives prices down
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...