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Oil revenue falls 19% below budget estimate — CBN

By on February 14, 2014

The gross oil revenue for November last year fell by 19.1 below the monthly budget, according to the Central Bank of Nigeria’s latest monthly economic report.

The CBN report stated that at N521.28bn gross oil receipts, which constituted 70.1 per cent of the total revenue, was lower than the preceding month by one per cent.

The decline in oil revenue was attributed largely to the shortfall in receipts from crude oil and gas exports during the period.

The report stated, “At N222.74bn, gross non-oil receipts (29.9 per cent of the total) were below the monthly budget estimate by 25.9 per cent, but above the level in the preceding month by 4.1 per cent.

“The fall in non-oil revenue relative to the monthly budget estimate was due largely to the shortfall in receipts from all the components, except education tax.”

Furthermore, the report showed that Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.83 million barrels per day (mbd) or 54.9 million barrels for the month.

This, it stated, was 0.07mbd or 3.7 per cent lower than the 1.90mbd (58.9 million barrels) produced in the preceding month.

The development was, however, attributed to the continued oil theft in the Niger Delta region.

The CBN said, “Crude oil export was estimated at 1.38mbd or 41.4 million barrels. This represented a decline of 4.8 per cent, compared with 1.45mbd or 44.95 million barrels recorded in the preceding month.

“Deliveries to the refineries for domestic consumption stood at 0.45mbd or 13.5 million barrels during the review month. At an estimated average of $110.07 per barrel, the price of Nigeria’s reference crude, the Bonny Light, fell by 1.5 per cent, compared with the level in the preceding month,” it stated.

The fall in price was attributed to the reduced refinery crude intake due to scheduled turnaround in various refineries and the continued rise of the US crude production during the review period.

Also, the CBN reports stated that the nation’s total gross federally-collected revenue stood at N744.02bn as of November 2013.

This, it stated, represented a decline by 21.3 per cent below the monthly budget estimate, but an increase of 0.5 per cent above the receipt in the preceding month.

The decline relative to the monthly budget estimate was attributed to the shortfall in both oil and non-oil revenue.

 

 

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