A recent report by the Central Bank of Nigeria (CBN) says Nigeria earned N207.54bn from crude oil and gas export in the first half of this year, falling short of the Federal Government’s target of N661.38bn.
Oil constituted 61 per cent of the gross federally-collected revenue of N4.40tn in the period, while non-oil accounted for the balance of 39 per cent.
It said at N2.69tn or 4.5 per cent of Gross Domestic Product, gross oil revenue fell below the proportionate budget estimate by 30.1 per cent, but rose above that of the first half of 2017 by 66.5 per cent.
The CBN said, “The drop in oil revenue, relative to the proportionate budget estimate, was attributed to the decline in the volume of production and exports during the period. Relative to the budgeted benchmark of 2.3 million barrels per day, crude oil production averaged 1.90 million bpd.
“In addition, crude oil exports dropped below the proportionate budget benchmark of N611.38bn by N403.84bn or 66.1 per cent.
The report said N282.72bn and N22.19bn from the gross oil revenue were utilised for joint venture cash calls and cost of collection by the Department of Petroleum Resources, respectively.
The nation’s crude oil output increased by 0.27 million bpd or 16.6 per cent in the first half of this year to an average daily production of 1.90 million bpd, compared to the output recorded in the same period last year.