Nigeria Earns N362.43bn From Crude Oil Export in June

Nigeria Earns N362.43bn From Crude Oil Export in June

Nigeria’s crude oil earning increased from the N253.02billion in June, to N362.43billion in July, according to the National Bureau of Statistics (NBS). This comes as stakeholders in the oil and gas industry have underscored the drawbacks of the Petroleum Industry Governance Bill (PIGB), saying that the bill failed to address some critical issues in the oil sector.

The fiscal statistics on government revenue and expenditure for July 2017, released on Wednesday, reflected that crude oil sales accounted for the larger chunk of the oil revenue, as N188.15billion was generated from crude oil sales, while gas sales generated N29.69billion.

The agency said the least oil revenue came from rent, and gas flared penalty with N0.044billion and N0.184 billion respectively.The report said non-oil revenue came from Excise and Fees, import duty, and other Customs and Companies Income Tax, and Other Taxes with N54billion, and N284.85billion generated respectively as gross non-oil revenue amounted to N338.85billion.

NBS put the gross revenue for the month at N701.85billion, while Net Federation Account Revenue after All Deductions Distributable was N521.82billion.

Petroleum stakeholders, including the Managing Director, Yinka Folawiyo Petroleum Company Limited, Tunde Folawiyo; CEO, Wema Bank Plc, Segun Oloketuyi; legal luminary and Lead Partner, Legal Advisory Partnership, Anthony Idigbe; and President, Business School, Netherlands, Lere Baale, believe the bill offered opportunities for prosperity to all participants in the industry.

Speaking at a Breakfast Lecture entitled, “Petroleum Industry Bill: Challenges and Opportunities,” organised by the Island Club, Onikan, Folawiyo, said: “When the BPE holds 49 per cent of an asset, we all know what that means. It means we are preparing for another public ownership. BPE is not set up to own assets; it was set up to privatise public assets.”

According to Folawiyo, there is “nothing in the proposal that provided for reducing gas flaring, which is one of the major challenges the country is facing. It will not also be subject to procurement Act. This appears counterproductive. Accountability and transparency will suffer for this.

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