Nigeria earned N224.9 billion from petroleum profit tax (PPT) and royalties from the oil and gas sector in January and February 2017, according to latest data released by the Central Bank of Nigeria, CBN. The CBN in Economic Report for February 2017 released recently also put the country’s total earnings from the oil and gas sector in the month of February 2017 at N292.8 billion, rising by 37.92 per cent from N212.3 billion recorded in the previous month.
Specifically, the report noted that in February, PPT and royalties from the oil and gas sector which stood at N120.1 billion, appreciated by 14.6 per cent from N104.8 billion recorded in January 2017. However, crude oil and gas export sale dipped slightly by 2.32 per cent to N33.7 billion in February, from N34.5 billion in January 2017. On the other hand, domestic crude oil and gas sale rose sharply by 100.61 per cent from N65.9 billion in January to N132.2 billion in February. According to the CBN, domestic crude oil production was estimated at 1.65 million barrels per day (mbd) or 46.2 million barrels during the month, while crude oil export was estimated at 1.20 million barrels per day (mbd) or 33.60 million barrels.
Domestic crude oil production The report attributed the increased domestic crude oil production recorded in the first two months of the year on sustained efforts by the Federal Government and other stakeholders at curtailing vandalism in the Niger-Delta region.
“The average price of Nigeria’s reference crude, the Bonny Light, was estimated at $55.49 per barrel, indicating a marginal increase of 0.7 per cent relative to the level in the preceding month,” the CBN said.
Continuing, the report disclosed that the external sector marginally strengthened in February 2017 following the increase in domestic oil production and international crude oil prices as well as improved inflow through autonomous sources.
