FG earned N5.04tn from oil in 11 months – CBN

Crude Oil Cbn, Crude Oil Revenue

Crude Oil Cbn, Crude Oil Revenue

1/13/2020

FG earned N5.04tn from oil in 11 months – CBN

CBN headquarters, Abuja Ifeanyi Onuba Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period. A breakdown of the N5.04tn oil revenue showed that the sum of N363.9bn was generated from crude oil and gas exports, while the sum of N2.94tn was generated from Petroleum Profit Tax and Royalties. A monthly breakdown of the oil revenue showed that N417.3bn was earned in January, while February, March, April, May and June had N479.5bn, N516.9bn, N472.4bn, N410.2bn and N336.6bn respectively. For the months of June, the country through the Nigeria National Petroleum Corporation made the sum of N336.6bn; July had N387.7bn; August, N484.8bn while September, October and November had N467.6bn, N577.3bn and N489.1bn respectively. The decrease in oil revenue, relative to the monthly budget estimate, was attributed to shut-ins and shut-downs at some NNPC terminals. The shutdown, according to findings, was due to pipeline leakages and maintenance activities. The report read in part, “Oil receipt, at N489.08bn or 56.9 per cent of total revenue, was below both the monthly budget of N798.83bn and the preceding month’s receipt of N577.30bn by 38.8 per cent and 15.3 per cent respectively.” READ ALSO: Banks borrow N19.6tn from CBN amid rising liquidity problems Experts have said there is a need for government to broaden its revenue sources in order to raise adequate revenue to finance its expenditure. The Lead Director, Centre for Social Justice, Eze Onyekpere, said that a good part of the revenue projections of government was not done in line with current economic realities. He said, “Generally, our revenue projections have severally missed the mark over the years. The projections and forecasts suffer from lack of realism. In 2016, revenue projections fell short by 23 per cent; in 2017, it fell short by 47.73 per cent and in 2018 by 45 per cent. “This indicates that overall, a good part of our revenue projections has not been based on empirical evidence. Further, if projected revenue in 2018 was N7.1tn and we missed the mark by 45 per cent and have also missed the mark by 30 per cent in the half year of 2019, the further increase in projected revenue to N8.15tn in 2020 seems to be hanging in the air.” Copyright PUNCH. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: DOWNLOAD THE PUNCH NEWS APP NOW ON Receive Alerts on: Read more: The Punch Newspapers

Used $16.9B or N5.01tn to defend the Naira. Zero sum game. Where is the money ooh. Moreover the states and federal government are busy borrowing to finance their respective budgets Breaking news of the year Audio money! And still wants to borrow how many Trillions dey say. Nonsense! discanonlyhappeninniheria courtesy of Buhari-led APC govt

Saka 😀😁😂 Quote these Trillion Naira sums in $ or £ to help some of us not good in maths make a better sense of it. What is 5.04 Trillion Naira? And spent how much on money? So, why we want to borrow $30B, What about the money you claimed to have been collected from Looters What are you doing with it...... ? APC..... Unah Weldon

Before or after under-recovery?

FG orders cinemas to stop showing Banky W movie, Sugar RushSuffer head for those who campaigned and voted for Buhari in 2015. Reason please Reason pls

Audio money It’s plenty

FG pledges more funding support for MSMEs

FG speaks on earth tremor in Abuja - Daily Post NigeriaThe Nigeria Geological Survey Agency on Saturday called on the public to disregard reports that there was an earth tremor in some parts of the Federal Bad work done..dont grammartize'' bad landscaping

Fallen Heroes: FG Committed To Improving Welfare Needs Of Families – Defence MinisterFallen Heroes: FG Committed To Improving Welfare Needs Of Families – Defence Minister. Rip Chai 🤦 see how we honor our brothers in arms? Sad Rip

Nigerians may get 18-hour power supply daily soon — FG – Daily TrustThe Minister of Power, Engr. Sale Mamman has said that Nigerians may start enjoying 18-hour power supply daily as soon as power generation and distribution get to 7,000 megawatts. READ: Survey works begin for N2trn Mambilla hydro power project — MammanADVERTISEMENT The minister assured that improvements are underway for electricity consumers.ADVERTISEMENTHOW NIGERIAN MEN CAN NOW OVERCOME … Another vision 2020. 🤣🤣🤣 well-done sir Story tellers

In 11 Months, FIC Investors Inject N216tn in the Economy - THISDAYLIVEBusiness/MOney PAGE Investors in the Fixed Income and Currency markets on the platform of FMDQ invested about N216.24trillion in short-term, interest-yielding instruments, mainly foreign exchange, treasury bills and repurchase agreements/buy backs in 11 months in 2019. Trading in treasury bills, accounted for the lion’s share of turnover in the review period with N81.73billion. Bamidele Famoofo …



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