Nigeria’s first quarter oil earnings grew by 97% to N2.06trn

Michael Eboh

Dublin, Ireland — Nigeria’s earnings from oil and gas appreciated by 96.62 per cent to N2.057 billion in the first quarter of 2024, compared with N1.046 trillion recorded in the same period in 2023, according to data released by the Central Bank of Nigeria (CBN).

The CBN, in its Quarterly Economic Statistics for the First Quarter of 2024, also stated that oil revenue for the period under review is 21.05 per cent higher than the N1.699 trillion earned from the petroleum industry in the fourth quarter of 2023.

Giving a breakdown of oil earnings in the first quarter of 2024, the CBN noted that in January and February, gross oil revenue stood at N476.549 million and N829.42, while March 2024’s oil earnings stood at N750.74 billion.

In comparison, in the fourth quarter of 2023, oil revenue of N665.344 billion, N396.548 billion and N637.117 billion were recorded in October, November and December; while in the first quarter of 2023, the country earned N675.283 billion, N205.062 billion and N165.703 billion in January, February and March 2023 respectively.

Furthermore, the CBN disclosed that after deductions, the country’s net earnings from the oil and gas sector stood at N1.88 trillion in the first quarter of 2024, rising by 110.52 per cent compared with N895.08 billion recorded in the first quarter of 2023; while it rose by 20.09 peer cent compared with N1.569 trillion recorded in the fourth quarter of 2023.

Specifically, giving a breakdown of the figures, the bank stated in January, February and March 2024, net oil earnings after deductions stood at N443.143 billion, N777.802 billion and N663.346 billion, respectively; compared with N604.610 billion, N371.611 billion and N592.832 billion in October, November and December 2023; while in January, February and March 2023, net oil earnings after deductions stood at N584.658 billion, N172.332 billion and N138.090 billion, respectively.

In general, the CBN put gross oil revenue at zero for the first quarter of 2024, compared with N1.096 trillion in the previous quarter and N1.341 trillion in the first quarter of 2023.

It reported that crude oil sales fetched the country N106.99 billion in the first quarter of 2024, compared with zero earnings for both the first and fourth quarter of 2023.

Furthermore, the banking sector regulator disclosed that the country earned N592.675 billion from oil and gas royalties in the first quarter of 2024, rising by 11.17 per cent compared with N533.107 billion recorded in the first quarter of 2023 and 20.98 per cent higher, compared with royalties of N489.885 billion recorded in the fourth quarter of 2023.

The bank added that the country earned N3.402 billion from rent in the petroleum sector in the first quarter of 2024, rising by 155.72 per cent compared with N1.33 billion in the first quarter of 2023 and 90.7 per cent higher than the N1.784 billion recorded in the fourth quarter of 2023.

The CBN also stated that in the first quarter of 2024, the country earned N40.564 billion from gas flare penalty; N402.715 billion from miscellaneous, pipeline fees and other oil and gas revenue; and N366.929 billion from Petroleum Profit and Gas Tax.

In comparison, in the first quarter of 2023, earnings from gas flare penalty miscellaneous, pipeline fees and other oil and gas revenue; and Petroleum Profit and Gas Tax stood at N12.889 billion, N2.202 billion and N791.591 billion, respectively; while in the fourth quarter of 2023, revenue from gas flare penalty miscellaneous, pipeline fees and other oil and gas revenue; and Petroleum Profit and Gas Tax stood at N26.543 billion, N423.427 billion and N135.674 billion.