{"id":273152,"date":"2023-06-09T08:36:16","date_gmt":"2023-06-09T07:36:16","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=273152"},"modified":"2023-06-09T08:36:16","modified_gmt":"2023-06-09T07:36:16","slug":"cbn-nigerias-revenue-from-oil-sector-dropped-by-60-percent-to-n308bn-in-germany","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/06\/09\/cbn-nigerias-revenue-from-oil-sector-dropped-by-60-percent-to-n308bn-in-germany\/","title":{"rendered":"CBN: Nigeria’s revenue from oil sector dropped by 60 percent to N308bn in Germany"},"content":{"rendered":"

Report has shown that Nigeria\u2019s revenue from the oil sector dropped by 60 per cent to N308.07 billion in February 2023.<\/p>\n

According to the Central Bank of Nigeria Monthly Economic Report, MER, on Thursday, the Country\u2019s revenue from the oil sector slipped from N774.15 billion in January to N308.07 billion in February.<\/p>\n

The trend worsened with a similar drop in non-oil revenue<\/a>, with a 3.7 per cent decline to N730.2 billion during the period.<\/p>\n

As a result, revenue accruing to the Federation Account in February declined 32.3 per cent in February, the report stated.<\/p>\n

\u201cAt N1.038 trillion, federation receipts were below the level in January by 32.3 per cent. Similarly, it was below the budget of N1.580 trillion by 34.3 per cent.<\/p>\n

\u201cThe decline relative to January was attributed to a fall in collections from Petroleum Profit Tax and Royalties. At N308.07 billion, oil revenue was 60.2 per cent below receipts in the preceding month.<\/p>\n

\u201cThe outcome was largely driven by the 60.5 per cent decrease in collections from Petroleum Profit Tax and Royalties. Similarly, at N730.21 billion, non-oil revenue was below the level in the preceding month and the monthly target by 3.7 per cent and 7.4 per cent, respectively.<\/p>\n

\u201cThe decrease was primarily attributed to the 10.5 per cent decline in collections from corporate tax due to the seasonality associated with its payments.<\/p>\n

At N478.57 billion, retained revenue of FGN was below the level in January and the proportionate budget by 7.7 per cent and 42.4 per cent, respectively.<\/p>\n

\u201cProvisional aggregate expenditure increased due to the rise in recurrent and capital expenditures. Consequently, the provisional aggregate expenditure of FGN at N991.62 billion rose by 5.9 per cent relative to the level in January and was 31.3 per cent below the monthly target.<\/p>\n

\u201cA breakdown of the expenditure reveals that recurrent expenditure<\/a>, capital expenditure, and transfers accounted for 84.7 per cent, 9.5 per cent and 5.8 per cent of total expenditure, respectively.<\/p>\n

At N513.05 billion, the provisional fiscal deficit of the FGN rose by 22.8 per cent relative to the preceding month.<\/p>\n

\u201cHowever, it was 16.2 per cent below the budget benchmark,\u201d the report stated.<\/p>\n","protected":false},"excerpt":{"rendered":"

Report has shown that Nigeria\u2019s revenue from the oil sector dropped by 60 per cent to N308.07 billion in February 2023. According to the Central Bank of Nigeria Monthly Economic Report, MER, on Thursday, the Country\u2019s revenue from the oil sector slipped from N774.15 billion in January to N308.07 billion in February. The trend worsened […]<\/p>\n","protected":false},"author":17,"featured_media":273153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587],"tags":[1172,65816,65817,1659],"class_list":["post-273152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-central-bank-of-nigeria","tag-monthly-economic-report","tag-nigerias-revenue","tag-oil-sector"],"yoast_head":"\nCBN: Nigeria's revenue from oil sector dropped by 60 percent to N308bn in Germany<\/title>\n<meta name=\"description\" content=\"Report has shown that Nigeria\u2019s revenue from the oil sector dropped by 60 per cent to N308.07 billion in February 2023\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2023\/06\/09\/cbn-nigerias-revenue-from-oil-sector-dropped-by-60-percent-to-n308bn-in-germany\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN: Nigeria's revenue from oil sector dropped by 60 percent to N308bn in Germany\" \/>\n<meta property=\"og:description\" content=\"Report has shown that Nigeria\u2019s revenue from the oil sector dropped by 60 per cent to N308.07 billion in February 2023. 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