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Economic Classification of Nigeria`s Total Revenue
September 22, 2007 | posted by Mobolaji Aluko (Archives)
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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
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2002
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2003
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2004
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2005
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2006
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Total
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(naira billion)
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(naira billion) |
(naira billion) |
(naira billion) |
(naira billion) |
(naira billion) |
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Crude oil receipts
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584.648
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449.456
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764.491
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694.041
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669.453
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3,162.089
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Petroleum profit tax and royalties
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416.987
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675.653
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876.151
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1,022.000
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1,270.100
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4,260.891
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Subtotal
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1,001.635
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1,125.109
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1,640.642
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1,716.041
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1,939.553
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7,422.980
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Excess crude oil receipts
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76.703
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57.368
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71.699
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260.583
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579.858
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1,046.211
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Excess petroleum tax profits and royalties
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9.737
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0.6873
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3.8
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167.479
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223.589
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405.2923
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Subtotal excess
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86.44
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58.0553
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75.499
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428.062
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803.447
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1,451.5033
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Total earnings
Naira billion
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1,088.075
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1,183.164
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1,716.141
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2,144.103
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2,743.00
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8,874.483
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Total
US $ billion
[@ $1 = N130]
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8.370
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9.101
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13.201
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16.493
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21.100
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68.265
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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”
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2002
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2003
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2004
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2005
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2006
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Total
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(naira billion)
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(naira billion)
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(naira billion)
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(naira billion)
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(naira billion)
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(naira billion)
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Oil Revenue Gross
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1,230.9
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2,074.3
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3,354.8
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4,762.4
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5,287.6
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16,710.0
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Crude Oil/Gas Exports
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496.3
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998.4
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1,498.4
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1,995.7
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2,074.2
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7,063.0
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Petroleum profit tax and royalties,
etc.
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392.2
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683.5
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1,183.510
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1,904.9
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2,038.3
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6,202.41
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Domestic crude oil sales
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304.2
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386.4
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668.1
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856.9
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1,171.8
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3,387.4
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Other oil revenue
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38.1
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6.0
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4.8
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4.9
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3.2
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57.0
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Non-Oil Revenue
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501.0
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500.8
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565.7
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785.1
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677.5
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3030.1
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Companies Income Tax
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89.1
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114.8
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130.1
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162.2
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244.9
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741.1
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Customs & Excise Duties
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181.4
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195.6
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217.2
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232.8
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177.7
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1,004.7
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Privatization/GSM Proceeds
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19.7
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0.0
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0.0
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0.0
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0.0
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19.7
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Value-Added Tax (VAT)
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108.6
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136.4
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159.5
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178.1
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221.6
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804.2
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Tax on Petroleum Products
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0.0
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0.0
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0.0
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0.0
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0.0
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0.0
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Independent Revenue of Fed. Govt.
(incl. GSM)
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68.1
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54.2
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58.9
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212.1
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33.3
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426.6
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Education Tax
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10.3
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0.0
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0.0
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0.0
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0.0
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10.3
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Others
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23.8
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0.0
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0.0
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0.0
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0.0
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23.8
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Total Revenue
(Naira Billion)
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1,731.8
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2,575.1
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3,920.5
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5,547.5
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5,965.1
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19,740.0
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Total Revenue
(US$ Billion)
@ $1 = N130
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13.32
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19.81
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30.16
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42.67
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45.89
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151.85
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- 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
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1999
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2000
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2001
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2002-2006
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Total
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(naira billion)
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(naira billion)
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(naira billion)
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(naira billion)
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(naira billion)
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Oil Revenue Gross
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724.42
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1,591.7
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1,707.5
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16,710.0
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20,733.62
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Crude Oil/Gas Exports
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514.04
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947.2
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934.3
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7,063.0
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