Crude Oil Earnings Drop By N41bn In One Month —CBN

Godwin Emefiele, CBN Governor

THE increasing spate of bombings in the Niger Delta region has continued to take its toll on the Nigerian economy, as the Central Bank of Nigeria, CBN, on Tuesday, disclosed that Nigeria’s oil revenue dipped by 18.01 per cent to N186.7 billion in April 2016.

The CBN, in its Economic Report for April 2016, released yesterday, stated that oil revenue accounted for 47.71 per cent of the gross Federally-collected revenue of N391.3 billion in the month under review, while non-oil revenue, at N204.7 billion, accounted for 52.31 per cent of the gross Federally-collected revenue for the month.

The apex bank disclosed that gross oil receipts fell short of the preceding month’s level of N227.69 billion by 18 per cent, blaming the decline in oil revenue on the fall in receipts from crude oil and gas exports owing to shut-downs and shut-ins in production arising from repair works at some NNPC terminals and pipeline vandalism as well as the persistent low crude oil prices.

Also, at N391.33 billion, the CBN noted that estimated gross federally-collected revenue in April 2016 fell short of the provisional 2015 monthly budget estimate of N814.87 billion by 52.0 per cent, while it was also lower than the receipt of the preceding month by 7.1 per cent.

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