Nigeria’s Oil Earnings Dip By 34.1% In Q1, 16

Nigeria’s earnings from crude oil and gas, Petroleum Profit Tax (PPT) and Royalties declined by 34.1 percent, to N205.05 billion in the first quarter of 2016, according to data released by the Central Bank of Nigeria, CBN.
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The CBN, in its Economic Report for the First Quarter of 2016, indicated that the country earned N396.47 billion from the sale of crude oil and gas, PPT and Royalties, as against N601.52 billion recorded in the fourth quarter of 2015.

The amount earned from the items was also 53.21 per cent or N450.92 billion lower than the N847.39 billion recorded in the first quarter of 2015. Giving a breakdown of the figures, the report stated that the country earned N82.43 billion in the first quarter of 2016, dropping by 61.28 per cent from N212.86 billion recorded in the previous quarter and 69.93 per cent lower than the N274.09 billion recorded in the first quarter of 2015.

In addition, the country earned N314.04 billion from PPT and Royalties, down by 19.2 per cent and 45.22 per cent from N388.66 billion and N573.30 billion recorded in the fourth quarter of 2015 and the first quarter of 2015 respectively.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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