Crude Oil Cbn | FG earned N5.04tn from oil in 11 months – CBN

FG earned N5.04tn from oil in 11 months – CBN

The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period.

For the months of June, the country through the Nigeria National Petroleum Corporation made the sum of N336.6bn; July had N387.7bn; August, N484.8bn while September, October and November had N467.6bn, N577.3bn and N489.1bn respectively.

The report read in part, “Oil receipt, at N489.08bn or 56.9 per cent of total revenue, was below both the monthly budget of N798.83bn and the preceding month’s receipt of N577.30bn by 38.8 per cent and 15.3 per cent respectively.”

Experts have said there is a need for government to broaden its revenue sources in order to raise adequate revenue to finance its expenditure.

“This indicates that overall, a good part of our revenue projections has not been based on empirical evidence. Further, if projected revenue in 2018 was N7.1tn and we missed the mark by 45 per cent and have also missed the mark by 30 per cent in the half year of 2019, the further increase in projected revenue to N8.15tn in 2020 seems to be hanging in the air.”

Read more: The Punch Newspapers

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