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Nigeria earns N3.2tn from PPT, royalties
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Nigeria earns N3.2tn from PPT, royalties

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The Federal Government has received N3.2 trillion as Petroleum Profits Tax and Royalties from the third quarter of 2015 to third quarter of 2017.

According to the Economic Report of the Central Bank of Nigeria, oil receipt at N1.27 trillion during the quarter under review was lower than the proportionate quarterly budget estimate by 6.2 per cent, but was above the receipts in the preceding quarter by 59.7 per cent.

CBN says the decline in oil revenue relative to the proportionate quarterly budget estimate was due to the shortfall in receipts from crude oil and gas exports.

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