The first quarter of 2022 saw a 29% decline in crude oil revenue, according to data from the Central Bank of Nigeria.
The CBN said that revenues from crude oil fell to N790bn from N1.1trn recorded in the previous quarter, which was from October to December 2021, in its most recent economic and statistical report for the first quarter of 2022.
The first quarter of 2022 saw a 17.1% decline in Nigeria’s crude oil and gas revenues compared to the N956 billion earned during the same time in 2021.
The research claims that 38% of the nation’s gross domestic product, or N2 trillion in the first quarter of 2022, came from oil.
Further analysis of the earnings revealed that N153 billion was earned from the sale of crude oil in the first quarter of 2022 as opposed to N234 billion and N412 billion in the fourth and first quarters of 2021, respectively.
According to the CBN, “net oil revenue before 13% derivation” was N487 billion, while “net oil revenue after 13% derivation” was N375 billion.
Oil theft was cited on Tuesday by the Group Chief Executive Officer of Nigerian National Petroleum Corporation, Mele Kyari, as a significant factor in the decline in output that eventually resulted in low income.
- Tags: #CBN, #oilrevenue
