Economic Classification of Nigeria`s Total Revenue September 22, 2007 | posted by Nigerian Muse (Archives)

  

 

 

STAR INFORMATION:  Economic Classification of Nigeria’s Total Revenue [Federation Account Operations]

 

 
 

TABLE 1: Earnings on sale and exploration of petroleum resources [2002-2006]
 

Source:  “Monetisation of Nigeria’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	1,001.635	1,125.109	1,640.642	1,716.041	1,939.553	7,422.980
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	86.44	58.0553	75.499	428.062	803.447	1,451.5033
Total earnings Naira billion	1,088.075	1,183.164	1,716.141	2,144.103	2,743.00	8,874.483
Total US $ billion [@ $1 = N130]	8.370	9.101	13.201	16.493	21.100	68.265

 

 
 

Table 2:  Economic Classification of Nigeria’s Total Revenue (2002-2006)
 

Source:  Table 20 of Central Bank of Nigeria “CBNAnnual Report & Statement of Accounts for the Year Ended 31^st December 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	16,710.0
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
Non-Oil Revenue	501.0	500.8	565.7	785.1	677.5	3030.1
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
Total Revenue (Naira Billion)	1,731.8	2,575.1	3,920.5	5,547.5	5,965.1	19,740.0
Total Revenue (US$ Billion) @ $1 = N130	13.32	19.81	30.16	42.67	45.89	151.85

 

• 2006 Figure is provisional

 
 

Table 3:  Economic Classification of Nigeria’s Total Revenue (1999-2006)

Sources:  Table 2 above and  Various CBNAnnual Reports & Statement of Accounts for the Years Ended 31^st December 2000 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	16,710.0	20,733.62
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
Non-Oil Revenue	224.77	314.5	524.1	3030.1	4093.47
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
Total Revenue (Naira Billion)	949.19	1,906.2	2,231.6	19,740.0	24,826.99
Total Revenue (US$ Billion) @ $1 = N130	7.30	14.66	17.17	151.85	190.98

 

 

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.

 

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