The Central Bank of Nigeria (CBN) has put Federal Government’s revenue from oil exploration and production companies in form of Petroleum Profits Tax (PPT) and royalties at N3.211 trillion from the third quarter of 2015 to third quarter of 2017.

The apex bank, in its latest Economic Report, indicated that the country raked in N495.39 billion as PPT/royalties in third quarter of 2015; N388.66 billion, in fourth quarter of 2015; and N314.04 billion during first quarter of 2016.

The report also showed that accruals from PPT/royalties source declined in second quarter of 2016 to N212.78 billion but later increased to N392.38 billion the following quarter; and dropped again to N273.13 billion in the last quarter of the year.

A further analysis of the report reflected a modest rebound of revenue from the PPT/royalties source to N325.38 billion in Q1, 2017 but the figures also dropped marginally Q2 to N320.49 billion. However, in the third quarter, the revenue rose to N489.41 billion.

According to the CBN, out of the N489.41 billion raked in Q3, 2017, N103.46 billion was allocated to oil producing states as the 13 percent derivation distributions.

The apex bank reported further that oil receipts at N1.27 trillion in Q3, 2017 was lower than the proportionate quarterly budget estimate by 6.2 per cent, but was higher than the receipts in the preceding quarter by 59.7 per cent.

It attributed the decline in oil revenue relative to the proportionate quarterly budget estimate to the shortfall in receipts from crude oil/gas exports, owing to the decline in crude oil production, arising from leakages and shut-ins/shut-downs at some NNPC terminals.

In addition, the CBN stated that that Nigeria’s crude oil production, including condensates and natural gas liquids, averaged 1.83 million barrels per day (mb/d) or 168.36 million barrels (mb) in the review quarter, representing an increase of 0.17 mb/d or 10.2 per cent, compared with 1.66 mb/d or 151.06 mb recorded in the preceding quarter.

The bank linked the healthy development in the quarter under review (Q4, 2017), which resulted in crude oil export rising to 1.38 mb/d or 126.96 mb, representing 14.0 per cent increase over 1.21 mb/d or 110.11 mb in the preceding quarter, to sustained peace in the oil production region.

The CBN reported further that allocation of crude oil for domestic consumption was maintained at 0.45 mb/d or 41.40 million barrels in the review quarter.