Oil Export Revenue Drops By N403bn — CBN - Welcome to Uju Ayalogu's Blog

Breaking News

Post Top Ad

Monday, 5 November 2018

Oil Export Revenue Drops By N403bn — CBN

Oil Export Revenue Drops By N403bn — CBN

CBN Governor, Godwin Emefiele

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, according to a new economic report from the Central Bank of Nigeria.

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.

READ ALSO :    Money Laundering: EFCC To Push For Alison-Madueke’s Extradition

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.

Meanwhile, the Nigerian economy recorded a total foreign exchange inflow of $65.84bn between January and June this year, CBN statistics contained in the economic report have also revealed.

The apex bank said the inflow was recorded as a result of the continued stability in the foreign exchange market promoted by improved dollar liquidity.

This, according to the CBN, has been driving the exchange rates towards convergence at all segments of the market.

READ ALSO :    ‘Buhari’s Certificate Saga, Worst National Embarrassment’

The $65.84bn, according to the apex bank, represents an increase of 87.9 per cent when compared to the inflow recorded in the first half of 2017.

The report stated that foreign exchange inflow through autonomous sources accounted for

$35.3bn as against $30.84bn and $19.01bn, respectively, in the second and first halves of 2017.

Foreign exchange inflow through the CBN amounted to $30.54bn, which is an increase of 16.4 per cent and 90.6 per cent, above the levels in the second and first halves of 2017.

Are you an artiste? Do you want your music to go viral and reacha large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984 Subscribe to Ujuayalogusblog.com

For More:  Visit Us at Uju Ayalogu's Blog

Share This

No comments:

Post a Comment

Post Bottom Ad

Pages