The Central Bank of Nigeria (CBN) has disclosed that the country generated a total of N4.1trilion as gross revenue from the sale of crude oil for the financial year ended December 31, 2017.
The amount translates to 3.6 per cent of the nation’s gross domestic product (GDP) for the period, representing 56.2 per cent of total federally collected revenue – an increase of 52.6 per cent above the level in 2016.
This, according to the CBN 2017 annual report released last week, came on the heels of the production of 627.80 million barrels (mb) of crude oil during the year under review.
Giving a breakdown of oil revenue, the CBN report stated that earnings from crude oil/gas export and petroleum profit tax (PPT)/royalties rose by 104.2 and 51.1 per cent to N795.4 billion and N1,801.4 billion, respectively.
The report attributed the development largely to improvements in crude oil price and subsisting peace deal in the Niger Delta, which had boosted crude oil production and export.
“Specifically, the average price of crude oil in the international market increased by 12.5 per cent, above the level in 2016, to $54.91pb in 2017.
Also, average crude oil production and export increased by 6.2 and 8.5 per cent, above the levels in 2016, to 1.72 mbpd and 1.27 mbpd, respectively, in 2017,” the report stated.https://leadership.ng/2018/08/22/nigeria-earned-n4trn-from-crude-export-in-2017/
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