Economic Classification of Nigeria`s Total Revenue
September 22, 2007 | posted by Mobolaji Aluko (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 31st 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 31st 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