Nigeria Generated N799bn Oil Revenue In Q1 2022 Down By 28% – CBN

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The Central Bank of Nigeria (CBN) says the country generated N799.10 billion from oil sector in the first quarter of 2022.

While oil revenue amounted to N799 billion in three months, TheCable has reported that petrol subsidy payment gulped N675 billion same period.

The apex bank said this in its economic report for the first quarter of 2022.

Oil revenue comprises crude oil and gas exports, petroleum profit  tax and royalties; and domestic crude oil and gas sales, among others.

The figure was 66.4 percent below the projected revenue.

On the other hand, non-oil revenue in the quarter under review was N1.73 trillion, a 0.13 percent increase from N1.72 trillion in the previous quarter.


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