Oil producing states shared N20.62b in February
Oil producing states in Nigeria shared N20.62billion as 13 per cent Derivation Fund, according to the Central Bank of Nigeria (CBN).The CBN in its latest monthly financial report for February 2017, explained that the Federal, State and Local Governments received N9.17billion, N4.65billion and N3.58billion, while the oil producing states received N2.60billion as 13 per cent derivation fund, which was distributed from the Excess Crude Account.
It put the federally collected revenue in February at N545.05billion, but however noted that fell short of the 2017 provisional monthly budget estimate of N792.71 billion by 31.2per cent, but was higher than the receipts in January by 20.4per cent.
The increase relative to the preceding month level was attributed to the rise in receipts from both oil and non-oil components.CBN stated: “Gross oil receipt, at N292.82 billion or 53.7per cent of total revenue, fell below the provisional monthly budget estimate by 0.6, but was 37.9 per cent higher than the receipts in January 2017. The increase in oil revenue relative to the preceding month reflected the significant rise in receipts from domestic crude oil/gas sales and royalties.
“At N252.24billion or 46.3per cent of the total revenue, gross non-oil revenue was below the 2017 provisional monthly budget estimate of N498.14 billion by 49.4 per cent. It, however, exceeded the receipts in January 2017 by 4.9 per cent.
“The poor performance relative to the provisional budget reflected the shortfall in most of the components due to the low economic activities in the country during the review period.”
The CBN said increased domestic crude oil production recorded in the last two months continued in the review month due to government and other stakeholders’ sustained effort at curtailing vandalism in the Niger-Delta region.
Consequently, it noted that Nigeria’s crude oil production, including condensates and natural gas liquids stood at an average of 1.65million barrels/day (mbd) or 46.2 million barrels (mb) in February.
This, it said, represented an increase of 0.08mbd or 5.10 per cent over the average of 1.57mbd or 48.67mb recorded in January. Crude oil export was estimated at 1.20mbd or 33.60mb, representing an increase of 7.14 per cent, compared with 1.12mbd or 34.72mb recorded in the preceding month. It disclosed that allocation of crude oil for domestic consumption remained at 0.45mbd or 12.60mb during the review period.