The Federal Government’s revenue from the oil and gas sector was about 70 per cent higher in February 2025 than that earned from the sector in February 2024.
According to the Central Bank of Nigeria (CBN) latest Economic Report for February 2025, the sector raked in 70.49 per cent higher in February than the ₦477 billion recorded same period last year.
In its analysis of oil sector activities in the month under review, the CBN disclosed that domestic crude oil production declined by 4.55 per cent to 1.47 million barrels per day, reflecting disruptions in maintenance operations on the Trans-Niger Pipeline and lower output from key terminals.
It added that global crude oil prices fell in February 2025, largely due to the possibility of a peace deal between Ukraine and Russia and increased global refinery turnarounds.
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Specifically, the CBN noted that the average spot price of Bonny Light, Nigeria’s reference crude oil, fell by 4.56 per cent to $77.08 per barrel (pb), from $80.76 pb in the preceding month.
The government also earned ₦813.22 billion from the petroleum industry in February 2025, rising by 33.57 per cent when compared with the ₦608.85 billion earned from the sector in January 2025.
The banking sector regulator stated that the country recorded total federally-collected revenue of ₦2.732 trillion in February 2025, of which oil revenue, at ₦813.22 billion, accounted for 30 per cent of total earnings, while non-oil revenue, at ₦1.9 trillion, accounted for 70 per cent of the country’s total earnings in the month under review.
Giving a breakdown of oil revenue, the CBN stated that earnings from crude oil and gas exports stood at ₦51.33 billion, accounting for 6.3 per cent of total oil earnings.
It added that earnings from oil and gas exports in February 2025 represented an improvement of 23.75 per cent and a decline of 54.37 per cent when compared with ₦15.38 billion and ₦112.48 billion recorded from the exports of both commodities in January 2025 and February 2024, respectively.
The CBN also noted that Petroleum Profit Tax (PPT) accounted for 8.3 per cent of total oil earnings, with ₦67.49 billion, dropping, however, by 39.55 per cent and 22.46 per cent when compared with ₦111.64 billion recorded in January 2025 and ₦87.04 billion recorded in February 2024, respectively.
Royalties, according to the financial sector regulator, accounted for 63.9 per cent of total oil revenue in February 2025, with ₦519.57 billion, rising by 53.71 per cent compared with ₦338.01 billion recorded in January 2025 and 101.87 per cent higher than the ₦257.38 billion recorded in February 2024.
The country did not record any earnings from domestic crude oil and gas sales in the month under review, while it earned ₦174.83 billion from other oil sources, rising by 21.56 per cent compared with ₦143.82 billion recorded in January 2025, and 769.8 per cent higher than the ₦20.1 billion recorded in February 2024.
