By Michael Eboh

NIGERIA’S earnings from the non-oil sector, for the first time in a long while, exceeded its oil revenue, accounting for 61.1 per cent of total federally-collected revenue in April 2015 with N448.83 billion. The country’s earning from the petroleum sector dropped to N286.24 billion, indicating that the low price of crude oil in the international market has continued to take its toll on the nation’s economy.


Data obtained from the Central Bank of Nigeria’s, CBN Economic Report for April 2015, showed that earnings from the petroleum sector dipped by N78.4 billion from N364.6 billion recorded in March, representing 38.9 per cent of the total revenue. The CBN attributed the improvement recorded in non-oil revenue to increased receipts from Value Added Tax, VAT, Customs & Excise Duties and other unlisted sources.

It said: “At N448.83 billion or 61.1 per cent of the total revenue, gross non-oil receipts was above the monthly budget estimate and the level in the preceding month by 23.9 and 154.1 per cent, respectively. The increase in non-oil revenue relative to the monthly budget estimate reflected largely, the increased receipts from the FGN Independent Revenue.

“At N735.07 billion, estimated federally-collected revenue in April 2015, was lower than the monthly budget estimate by 9.8 per cent. It was, however, higher than the receipt in the preceding month by 35.8 per cent. The decline in estimated federally-collected revenue (gross) relative to the monthly budget estimate was attributable, largely, to the shortfall in receipts from oil revenue during the review month.”

To this end, the CBN estimated federally-collected revenue at N735.07 billion, appreciating by 35.8 per cent from the N541.2 billion recorded in March. Given the significant decline in oil receipts, non-oil receipts appreciated by 154.4 per cent. The CBN attributed the fall in oil receipts compared to the preceding month’s level to the decline in revenue from crude oil and gas exports, occasioned by the drop in the prices of crude oil in the international market.

Specifically, the CBN noted that crude oil production, including condensates and natural gas liquids in April was estimated at 1.91 million barrels per day, mbd or 57.30 million barrels for the month, while crude oil export was estimated at 1.46 mbd or 43.80 million barrels during the month.

“The average price of Nigeria’s reference crude, the Bonny Light (370 API), was estimated at $59.55 per barrel, indicating an increase of 3.7 per cent above the level in the preceding month,” the CBN said.

Breaking the gross oil revenue further, the CBN said Nigeria earned N80.9 billion from crude oil and gas sales in April, compared to N106.7 billion recorded in March, and realised N87.7 billion from domestic crude oil/gas sales, compared to N77.2 billion a month earlier.

Also, Petroleum Profit Tax, PPT/Royalties dipped by 39.1 per cent to N104.4 billion from N171.4 billion recorded in March, while earnings from other unlisted oil sources rose to N13.2 billion from N9.3 billion in the same period.



http://www.vanguardngr.com/2015/06/non-oil-revenue-exceeds-earnings-from-crude-i

The promise of diversification of Nigeria's economy by GEJ is already being fulfilled.

Too bad he wasn't allowed to complete the good job he started.

ok

I hope and pray these kind trend will continue till when 90% of our revenue come from non oil sector of our economy





GOD bless Nigeria


And


Nigerians

This is a good development. Building a non-oil based economy is the way to go.

We pray for the return of the groundnut pyramids, the palm oil plantations , the rubber plantations and stable power supply to drive the small scale industries and to stimulate an industrial revolution.

Nigeria shall be great again.

easyflex:
The promise of diversification of Nigeria's economy by GEJ is already being fulfilled.

Too bad he wasn't allowed to complete the good job he started.

Good work by GEJ? Na wa for people like you o.

DropShot:

Good work by GEJ? Na wa for people like you o.

The report says April.


@OP, anything for a better Nigeria works for me. The recent fall in international oil prices has opened our eyes on the need of diversifying the economy, and yes the last administration did its part with the reforms in transportation, entertainment, agriculture etc. Hopefully, this administration will do more and make Nigeria greater.

No need putting all eggs in 1 basket.

This what we need to hear

Nice one that's the way forward for Nigeria



The way forward for Mr.NL 2015

please vote Jarizod & cc: NLJEGA

DropShot:

Good work by GEJ? Na wa for people like you o.

I'm marveled as to what has been by the present administration

Strange but wow. I hope the sai buhari crowd won't attribute it to "Buhari" because the report says APRIL.

Nigeria only need to follow-up with such development. I hope our Trainee President understands this.

These were the works of NOI; it is sad that some nigerians don't appreciate the efforts she put in.