Nigeria earns N3.72trn from royalties, petroleum tax in one year .Begins fuel import from China

Nigeria earned N3.72 trillion from royalties and petroleum profit tax (PPT), in the oil and gas sector in 2018, according to data obtained from the Central Bank of Nigeria, (CBN).

The CBN, in its Economic Report for the Fourth Quarter of 2018, stated that the amount the country earned from royalties and PPT in 2018 represented an improvement of 106.7 per cent compared to N1.8 trillion recorded in 2017.

According to the Vanguard, analysis of the report showed that the amount earned from royalties and PPT from the petroleum industry in 2018 represented 40.9 per cent of the 2018 budget of N9.1 trillion and 42.6 per cent of the N8.73 trillion budget proposals for 2019.

Further analysis showed that royalties and PPT revenue represented 153.2 per cent, 61.2 per cent and 43.2 per cent of capital, recurrent and total allocation in the 2018 budget respectively, while in the 2019 budget proposals, PPT and royalties represented 168.8 per cent, 54.8 per cent and 42.1 per cent of capital, recurrent and total allocations respectively.

In the 2018 budget, N2.4 trillion was budgeted for capital expenditure; N6.07 trillion was earmarked for recurrent expenditure, while total allocation was N8.61 trillion.

In the 2019 budget, capital and recurrent expenditures stood at N2.032 trillion and N6.79 trillion respectively, while total allocation stood at N8.83 trillion.

Royalties and PPT, according to the report, accounted for 67.22 per cent of total gross oil revenue of N5.54 trillion recorded in 2018.

Meanwhile, the Nigeria conducted its first importation of gasoline, also known as Premium Motor Spirit, PMS, of51,000 metric tonnes (MT) from China in January, according to a report, yesterday, by global energy data firm, S&P Global Platts.

Platts, in the report obtained from China’s General Administration, said this was Nigeria’s first import of petrol from China.

Platts noted in the report that Nigeria was the fourth largest buyer of Chinese gasoline in January, and was also the only buyer outside Asia last month.

It added that Nigeria was the second country in Africa to have received gasoline from China gasoline, with the first being Togo that got 50,000 mt of gasoline in April 2018.

The report noted that PetroChina, China’s largest gasoline exporter, had in 2018 set up an office in Nigeria, which could possibly point to the first gasoline cargo landing in the country.

Platts disclosed that China’s gasoil exports to African countries also continued to grow, with Mozambique and South Africa climbing to the top 10 destinations in January, receiving 147,000 mt and 82,000 mt of gasoil, respectively.

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