The country’s earnings from the oil and gas sector dropped by 2.6 percent in the first quarter of 2020 the Central Bank of Nigeria has disclosed.

The Apex bank in a statement said Nigeria’s earning went down from N1.6 trillion realised in the fourth quarter of 2019 to N1.5 as recorded in the first quarter of 2020.

The CBN in its latest report titled “Economic Report for the First Quarter of 2020”, the apex bank disclosed that gross oil earnings accounted for 60.3 percent of N2.5 trillion total revenue collection by the Federal Government in the period under review.

At N1.6 trillion, oil revenue accounted for 58.9 percent of the total federally-collected revenue of N2.7 trillion recorded in the fourth quarter of 2019.

Breaking down the components of oil earnings in the first quarter of 2020, the CBN noted that crude oil and gas exports stood at N172.6 billion, rising by 47.1 percent from N117.3 billion recorded in the fourth quarter of 2019; while Petroleum Profit Tax/Royalties declined by 6.5 percent to N838.2 billion from N896.7 billion recorded in the previous quarter.

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Source: OrientEnergyReview