Crude oil revenue fell by 29% in the first quarter of 2022, according to statistics from the Central Bank of Nigeria (CBN)
The CBN stated in its most recent economic and statistical report for the first quarter of 2022 that earnings from crude oil fell to N790 billion from N1.1 trillion in the previous quarter, which ran from October to December 2021.
The first quarter of 2022 saw a 17.1% decline in Nigeria’s crude oil and gas revenues compared to the N956 billion earned during the same time in 2021.
In comparison, in the fourth quarter of 2021, oil revenue accounted for 46 per cent of gross revenue, same as the first quarter of 2021,.
Oil revenue accounted for 38% of total earnings in the first quarter of 2022, totaling N2 trillion, while non-oil revenue accounted for 62% of total earnings, totaling N1.1 trillion, according to the report.
Nigeria earned N330 billion in January 2022. In February and March 2022, the country earned N199 billion and N261 billion, respectively.
A further breakdown of earnings revealed that earnings from crude oil sales stood at N153 billion in the first quarter of 2022, compared to N234 billion and N412 billion in the fourth and first quarters of 2021, respectively.
The CBN said the country did not record any earnings from gas sale in the first quarter of 2022, same as in the previous quarter, while earnings from oil and gas royalties, rent and gas flare penalties fetched the country N343.881 billion, N2.382 billion and N19.323 billion, respectively.
It added that earnings from miscellaneous, pipeline fees and other oil and gas revenue stood at N4bn, while Petroleum Profit Tax and gas tax fetched the country N267bn in revenue.
Comparatively, in the first quarter of 2021, earnings from the oil and gas sector stood at N315bn, N297bn and N344bn for January, February and March, respectively.
The CBN reported that after various deductions, “net oil revenue before 13% derivation” stood at N487bn, while net oil revenue after 13 per cent derivation stood at N375bn.
The Group Chief Executive Officer, Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday, identified oil theft as a major reason for the dip in production which ultimately led to low revenue.
According to him, Nigeria loses 700, 000 barrels of crude oil daily to oil theft.
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