According to the report
prepared by the accountant general of the federation, the country earned a
total of N252.10bn as crude oil revenue in January while February and March
recorded N251.17bn and N221.35bn, respectively.
A breakdown of the N724.63bn
showed that the government through the Nigerian National Petroleum Corporation
generated N511.28bn from oil proceeds while the balance of N213.35bn came in
from taxes paid by oil companies to the Federal Inland Revenue Service.
An analysis of the
statistics showed that the N511.28bn oil revenue by the NNPC was generated as
follows: crude oil sales (export and domestic), N402.18bn; gas sales, N6.36bn;
oil and gas royalties, N100.69bn.
Others are rent, N158m; gas
flared penalty, N374m; and other oil and gas revenues, N1.51bn.
Since the beginning of the
year, the gross revenue paid into the federation account has been experiencing
a huge decline owing to shut-down of production for repairs.
There had been, for
instance, explosions at Escravos terminal and a force majeure was declared at
Brass terminal in January and February as a result of attacks on oil
facilities.
The 2016 budget, which was
signed by President Muhammadu Buhari had projected a daily oil production
output of 2.2 million barrels per day with a budgeted oil benchmark price of
$38 per barrel.
Based on the revenue
projections of the government in the 2016 fiscal period, oil-related revenues
are expected to contribute N820bn.
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