The Central Bank of Nigeria (CBN) declared that President Muhammadu Buhari administration had earned N16.647 trillion from the oil and gas industry in its first tenure, from May 2015 to April 2019.
According to data obtained from various reports, the country’s earnings showed this from the petroleum industry, crude oil and gas sales, royalties, Petroleum Profit Tax, PPT, and other sources.
According to the reports, this was money earned by Nigeria only with the exclusion of earnings by boil and gas companies operating in the country.
The total oil revenue represented the amount that was later shared to the Federal, State and Local Governments after the inclusion of non-oil revenue, as well as after other deductions and transfers.
Giving a breakdown of oil revenue recorded, the CBN reports stated that from May 2015 to December 2015, oil revenue stood at N2.3 trillion; in 2016, 2017 and 2018, earnings from the industry stood at N2.693 trillion, N4.109 trillion and N5.63 trillion respectively, while from January to April 2019, the country earned N1.882 trillion.
The amount earned in its first tenure represented 61.42 per cent of the country’s budgets for 2015 to 2018.
Specifically, between 2015 and 2018, the Federal Government’s total budgets stood at N27.1 trillion.
In 2015, 2016, 2017 and 2018, the Federal Government’s budget estimates were N4.5 trillion, N6.06 trillion, N7.44 trillion and N9.1 trillion respectively.
Commenting on earnings from the petroleum industry, the immediate past president of the Nigerian Association for Petroleum Economists, NAPE Professor Omowumi Iledare, further reiterated that the money wasn’t only huge but was better utilized.