’s Total Revenue [Federation Account Operations]
TABLE 1: Earnings on sale and exploration of petroleum resources [2002-2006]
’s Foreign Exchange Earnings “” speech by Jide Aluko [Deputy Director, CBN] – newspaper report below
| 2002 | 2003 | 2004 | 2005 | 2006 | Total |
| (naira billion) | (naira billion) | (naira billion) | (naira billion) | (naira billion) | (naira billion) |
Crude oil receipts | 584.648 | 449.456 | 764.491 | 694.041 | 669.453 | 3,162.089 |
Petroleum profit tax and royalties | 416.987 | 675.653 | 876.151 | 1,022.000 | 1,270.100 | 4,260.891 |
Subtotal | 0 | |||||
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Excess crude oil receipts | 76.703 | 57.368 | 71.699 | 260.583 | 579.858 | 1,046.211 |
Excess petroleum tax profits and royalties | 9.737 | 0.6873 | 3.8 | 167.479 | 223.589 | 405.2923 |
Subtotal excess | ||||||
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Total earnings Naira billion | 1,088.075 | 1,183.164 | 1,716.141 | 2,144.103 | 2,743.00 | |
Total US $ billion [@ $1 = N130] | 8.370 | 9.101 | 13.201 | 16.493 | 21.100 |
’s Total Revenue (2002-2006)
”
| 2002 | 2003 | 2004 | 2005 | 2006 | Total |
| (naira billion) | (naira billion) | (naira billion) | (naira billion) | (naira billion) | (naira billion) |
Oil Revenue Gross | 1,230.9 | 2,074.3 | 3,354.8 | 4,762.4 | 5,287.6 | .0 |
Crude Oil/Gas Exports | 496.3 | 998.4 | 1,498.4 | 1,995.7 | 2,074.2 | 7,063.0 |
Petroleum profit tax and royalties, etc. | 392.2 | 683.5 | 1,183.510 | 1,904.9 | 2,038.3 | 6,202.41 |
Domestic crude oil sales | 304.2 | 386.4 | 668.1 | 856.9 | 1,171.8 | 3,387.4 |
Other oil revenue | 38.1 | 6.0 | 4.8 | 4.9 | 3.2 | 57.0 |
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Non-Oil Revenue | 501.0 | 500.8 | 565.7 | 785.1 | 677.5 | |
Companies Income Tax | 89.1 | 114.8 | 130.1 | 162.2 | 244.9 | 741.1 |
Customs & Excise Duties | 181.4 | 195.6 | 217.2 | 232.8 | 177.7 | 1,004.7 |
Privatization/GSM Proceeds | 19.7 | 0.0 | 0.0 | 0.0 | 0.0 | 19.7 |
Value-Added Tax (VAT) | 108.6 | 136.4 | 159.5 | 178.1 | 221.6 | 804.2 |
Tax on Petroleum Products | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Independent Revenue of Fed. Govt. (incl. GSM) | 68.1 | 54.2 | 58.9 | 212.1 | 33.3 | 426.6 |
Education Tax | 10.3 | 0.0 | 0.0 | 0.0 | 0.0 | 10.3 |
Others | 23.8 | 0.0 | 0.0 | 0.0 | 0.0 | 23.8 |
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Total Revenue (Naira Billion) | 1,731.8 | 2,575.1 | 3,920.5 | 5,547.5 | 5,965.1 | .0 |
Total Revenue (US$ Billion) @ $1 = N130 | 13.32 | 19.81 | 30.16 | 42.67 | 45.89 | 151.85 |
- 2006 Figure is provisional
’s Total Revenue (1999-2006)
to 20006
| 1999 | 2000 | 2001 | 2002-2006 | Total |
| (naira billion) | (naira billion) | (naira billion) | (naira billion) | (naira billion) |
Oil Revenue Gross | 724.42 | 1,591.7 | 1,707.5 | .0 | |
Crude Oil/Gas Exports | 514.04 | 947.2 | 934.3 | 7,063.0 | 9,458.54 |
Petroleum profit tax and royalties, etc. | 164.27 | 525.1 | 639.2 | 6,202.41 | 7,530.98 |
Domestic crude oil sales | 46.11 | 96.4 | 121.5 | 3,387.4 | 3,651.41 |
Other oil revenue | 0.00 | 23.0 | 12.5 | 57.0 | 92.5 |
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Non-Oil Revenue | 224.77 | 314.5 | 524.1 | ||
Companies Income Tax | 46.21 | 51.1 | 68.7 | 741.1 | 907.11 |
Customs & Excise Duties | 87.91 | 101.5 | 170.6 | 1,004.7 | 1,364.71 |
Privatization/GSM Proceeds | 0.00 | 18.1 | 78.0 | 19.7 | 115.8 |
Value-Added Tax (VAT) | 47.14 | 58.5 | 91.8 | 804.2 | 1001.64 |
Tax on Petroleum Products | 14.38 | 25.5 | 30.2 | 0.0 | 70.08 |
Independent Revenue of Fed. Govt. (incl. GSM) | 20.08 | 38.1 | 44.4 | 426.6 | 529.18 |
Education Tax | 0.00 | 7.5 | 16.2 | 10.3 | 34 |
Others | 9.06 | 14.2 | 24.2 | 23.8 | 71.26 |
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Total Revenue (Naira Billion) | 949.19 | 1,906.2 | 2,231.6 | .0 | |
Total Revenue (US$ Billion) @ $1 = N130 | 7.30 | 14.66 | 17.17 | 151.85 |
Prepared by NigerianMuse.com (September 2007)
[Mobolaji E. Aluko, PhD]
PUNCH
Nigeria earns N8.875tn from oil in four years
By Udeme Ekwere with agency reports
Published: Saturday, 22 Sep 2007
Nigeria realised N8.875tn from sale and exploration of petroleum resources between 2002 and 2006, the Deputy Director of Foreign Operations, Central Bank of Nigeria, Mr. Jide Aluko, has said.
A News Agency of Nigeria report on Friday quoted Aluko as saying, “The amount comprises revenue from exports and petroleum profit tax/royalties paid to the Federal Government by the oil companies.
Aluko said that Nigeria’s major foreign reserves inflows during the period were derived from sale of crude oil equity, royalties, petroleum profit tax which is tax paid by oil companies on profits arising from their operations, a tax rate of 85 per cent effective from April 1, 1975 and penalty for gas flaring, rental and signature bonuses.
According to him, the breakdown of the N8.875tn earned by government between 2002 and 2006 include N3.162tn from crude oil receipts, N4.262tn from petroleum profit tax and royalties, N1.045tn from excess crude oil receipts and N405 billion from excess petroleum tax profits and royalties.
In 2002, he said the country earned N1,088tn, comprising N584.648bn for crude oil receipts, N416.987billion from petroleum profit tax and royalties from oil companies, N76.703 billion from excess crude oil receipts and N9.737bn from excess petroleum tax profits and royalties.
Aluko said Nigeria in 2003 made N1.183tn, comprising N449.456bn from crude oil recepits, N675.653bn from petroleum profit tax and royalties from oil companies, N57.368 billion from excess crude oil receipts and N687.3m from excess petroleum tax profits and royalties.
The country’s earnings in 2004, the CBN chief said totalled
N1.716tn made up of N764.491bn from crude oil receipts, N876.151bn from petroleum profit tax and royalties from oil companies, N71.699bn from excess crude oil receipts and N3.8bn from excess petroleum tax profits and royalties.
Aluko, in a paper titled “Monetisation of Nigeria’s Foreign Exchange Earnings “ said the country in 2005 realised N2.144tn, comprising N694.041bn for crude oil receipts, N1.022 trillion from petroleum profit tax and royalties from oil companies, N260.583 billion from excess crude receipts and N167.479 billion from excess petroleum tax profits and royalties.
He put the country’s income from petroleum resources in 2006 at N2.743tn, comprising N669.453bn from crude oil receipts, N1.2701tn from petroleum profit tax and royalties and N223.589 billion from excess petroleum tax profits and royalties.
Aluko said various governments in Nigeria largely depended on foreign exchange earnings, mostly from oil and oil related sources to implement their budgets.
“As a result, it becomes imperative that the process of monetisation be carried out regularly to provide the needed funds,” the NAN quoted Aluko as saying.
http://www.punchontheweb.com/Articl.aspx?theartic=Art200709220302962
