Nigeria earned N2.405 trillion from the oil and gas sector in the first six months of 2020, dropping by 8.7 per cent compared to N2.634 trillion recorded in the same period in 2019, according to data obtained from the central Bank of Nigeria, CBN.
The CBN, in its statistical bulletins, disclosed that oil revenue in the first six months of 2020, accounted for 59.68 per cent of gross federally-collected revenue of N4.03 trillion recorded in the same period.
Giving a breakdown of the oil earnings, the CBN report noted that in January, February, March, April, May and June 2020, N527.18 billion, N405.33 billion, N454.34 billion, N284.04 billion and N281.97 billion respectively.
On the other hand, total federally-collected revenue stood at N852.07 billion, N723.75 billion, N634.51 billion, N791.01 billion and N491.51 billion in January, February, March, April, May and June 2020 respectively.
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