Africa Economy Finance Gas Nigeria Oil

Nigeria earns £4,76B from oil, gas in six months

Nigeria earned N2.405 T (£4,76B) from the oil and gas sector in the first six months of 2020, dropping by 8.7 per cent compared to N2.634 T (£5,21B) recorded in the same period in 2019, according to data obtained from the central Bank of Nigeria, CBN.

The CBN, in its statistical bulletins, disclosed that oil revenue in the first six months of 2020, accounted for 59.68 per cent of gross federally-collected revenue of N4.03 T (£7,97B) recorded in the same period.

Also read: Nigeria to bolster spending in 2021, sees budget deficit stable

Giving a breakdown of the oil earnings, the CBN report noted that in January, February, March, April, May and June 2020, N527.18 B (£1,04B), N405.33 B (£802M), N454.34 B (£899M), N284.04 B (£562M) and N281.97 B (£558M) respectively.

On the other hand, total federally-collected revenue stood at N852.07 B (£1,68B), N723.75 B (£1,43B), N634.51 B (£1,25B), N791.01 B (£1,56B) and N491.51 B (£973M) in January, February, March, April, May and June 2020 respectively.

Source: SweetCrudeReports via CrudeMix Africa

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