Nigeria earns N1.7trn revenue from oil
.Rakes in N30.23bn on miscellaneous oil revenue
By Udeme Clement
The Department of Petroleum Resources, DPR, said Nigeria earned about N1.68 trillion (approximately N1.7trillion), as revenue from crude oil in three years from 2015 to 2017.
The DPR stated this in its 2017 Nigerian Oil and Gas Industry Annual Report, said that the revenue was generated from oil and gas royalty, gas flare penalty, concession rentals, as well as miscellaneous oil revenue.
The DPR report further explained that N545.06 billion was realised in 2015, about N437.35 billion in 2016 and a whooping sum of N704.43 billion was generated in 2017.
On gas royalty, the country made the sum of N71.75 billion. Out of that, it recorded N22.29 billion in 2015, N16.29 billion in 2016 and N33.17 billion in 2017.
The report stated, “Nigeria earned N7.69billion on gas flare penalty from 2015 to 2017. The amount shows the sums of N2.59 billion in 2015, N2.33 billion in 2016 and N2.77 billion in 2017 economic year.
“Nigeria also generated about N900.65 million on concession rentals, showing N201.27 million in 2015, N342.49 million in 2016 and N356.89 million in 2017.
“On miscellaneous oil revenue, the Federal Government raked in N30.23 billion, showing N17.48 billion in 2015, N6.40 billion in 2016 and N6.35 billion in 2017”.