The Central Bank of Nigeria has reported a marginal increase in Nigeria’s export earnings in the third quarter of this year totalling $16.2 billion, or 2.8 percent higher than the total export yields in the preceding quarter.
When compared to export accruals in the corresponding period of 2017, the Q3, 2018 earnings represented a 35.3 percent increase.
The latest balance of payments data released by the apex bank on the country’s export earnings on merchandise trade in the review quarter showed that the biggest earnings came from the oil and gas sector, accounting for 94.4 percent of total export earnings, increasing by 9.5 per cent to $15.3 billion in Q3 2018 versus the preceding quarter.
The CBN stated: “Earnings from crude oil and gas, which accounted for 94.4 per cent of total export earnings during the review period, increased by 9.5 per cent to $15.3 billion in Q3 2018 when compared with the preceding quarter.
“Earnings from non-oil and electricity exports decreased by 49.3 per cent to $909.04 million in Q3 2018 when compared with the preceding quarter”, it added.
The statistical data also shows that payments for import of goods (fob) to the economy in the review period rose by 70.5 percent to $14.08 billion above the level recorded in the preceding quarter due to 79.7 percent increase in the imports of non-oil products.
Meanwhile, in a separate report by the apex bank titled ‘Annual Activity Report of Banking and Payment Systems Department’, indicated that the Federal Government collected N827.86 billion in crude oil receipt in 2017, representing 50.29 percent increase over the N550.56 billion collections in 2016.
According to the report, the domestic oil and gas receipts was N1,391.07 billion compared to the N729.02 billion in 2016 while oil and gas royalties, rentals, gas flared and miscellaneous revenue totaled N750.86 billion, or 29.59 percent increase over the N579.41 billion collected in 2016.
The report stated further that Petroleum Profit Tax (PPT) receipts rose to N1,512.92 billion, indicating an increase of 43.43 percent compared with N1,054.84 billion in the preceding year.
The CBN stated further that Nigeria’s non-oil receipts, comprising of CIT, Import and Excise duties, fees, auction sales, common external tariff (CET), special levy, customs penalty charges and receipts from Federal Inland Revenue Service (FIRS) through Nigerian Liquefied Natural Gas (NLNG) and Education Tax (EDT) accounted for 30.16 percent or N1.9 billion of the total revenue accruals.
It clarified: “Federal Government received the highest share of N2,876.11 billion (45.72%), made up of the statutory revenue allocation, VAT proceeds, augmentation and excess bank charges, as well as, excess crude releases.
“The Federal Government receipts indicated an increase of N540.40 billion (23.13%) to N2,876.11 billion from N2,335.70 billion in 2016.
“States and local governments received N2.13 billion (33.89%) and N1.28 billion (20.39%), respectively, indicating an increase of N523.97 billion (11.71%) and N288.05 billion (52.68%) compared with N1,608.72 billion and N994.53 billion received in 2016”, CBN added.
This is even as it disclosed that the Nigerian National Petroleum Corporation (NNPC) Joint Ventures received cash calls amounted to N719.79 billion compared to the N541.43 billion receipts in 2016, representing an increase of N373.55 billion or 107.89 percent over the previous year’s receipts.
It stated that crude oil receipts amounted to $2.10 billion against $2.35 billion in 2016, while gas receipts stood at USD0.66 billion compared to $0.07 billion in 2016.
The CBN clarified: “The total receipts amounted to $D2.76 billion, in the review period, from USD2.42 billion in 2016, representing an increase of $0.03 billion.
“Petroleum Profit Tax collected in the year 2017 was $3.96 billion, against $4.42 billion in 2016, indicating a decrease of $0.46 billion (10.41%).
“Other taxes collected was $1.47 billion compared with U$1.59 billion in 2016, indicating a decrease of 7.55 per cent.
“Also, revenue from oil royalties, rentals, gas flared penalties and gas royalties amounted to $2.36 billion, against USD1.75 billion, indicating an increase of USD0.61 billion or 34.86 per cent”, the apex bank added.
