FG received N3.532trn as taxes, royalties between 2015 to 2017 – CBN

Data from the Central Bank of Nigeria (CBN) has revealed that the Federal Government received N3.532 trillion as Petroleum Profits Tax and Royalties from oil companies between the third quarter of 2015 to third quarter of 2017.

Besides, oil producing states in Nigeria received N103.46 billion as 13% Derivation Fund during the third quarter of 2017, as government’s total gross oil revenue within the period under review stood at N7.357 trillion. According to CBN in its third quarter 2017 Economic Report, the country’s gross oil receipt in the third quarter of 2017 stood at N1.27 trillion.

It noted that the third quarter earnings were lower than the proportionate quarterly budget estimate by 6.2%, but was above the receipts in the preceding quarter by 59.7%. CBN attributed the decline in oil revenue relative to the proportionate quarterly budget estimate to the shortfall in receipts from crude oil/gas exports, owing to the decline in crude oil production, arising from leakages and shut-ins/shut-downs at some of NNPC’s terminals.

Credit: The Guardian.