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HomeTop NewsNigeria's oil revenue falls to N1.5 trl in May vs N2.2 trl...

Nigeria’s oil revenue falls to N1.5 trl in May vs N2.2 trl projection ~Finmin

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By Oludare Mayowa

Nigeria’s revenue from oil and gas stood at N1.49 trillion by end of May 2021, fell short of the N2.16 trillion prorated sum expected for the period, according to the federal ministry of finance and budget.

The government said its revenue projection performance in the first five months of the year represents 69 percent performance.

In the update on revenue for 2021, the minister of finance and budget, Zainab Shamsuna Ahmed said oil and gas deductions were N194.31 billion, which represents 45.8 percent more than the budget.

“This is mainly attributable to petroleum subsidy costs which was not provided for in the 2021 Budget,” the minister said at a presentation and a consultative forum on 2022-2024 MTFF in Abuja.

According to her, after netting out deductions (including 13 percent derivation), net oil and gas revenue inflows to the Federation Account amounted to N872.16 billion.

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This, she said was N864.20 billion or 49.8 percent less than the projection as of May.

Nigeria, however, exceeded its projection on non-oil revenue as of the end of May by 1.9 percent.

The country earned a total of N1.95 trillion in non-oil revenue against N1,92 trillion projected for the first five months of the year.

earnings from the Value Added Tax (VAT) exceeded projections by 11.5 percent to N854.18 billion compared with N765.98 billion projected for the period under review.

Revenue collection from Customs fell short by 13.9 percent to N454.55 billion against N528.06 billion projections.

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