The Federal Government exported 140.79
million barrels or 1.53mbd of crude oil during
the third quarter of 2014, according to the
Central Bank of Nigeria (CBN) in its latest
economic report.
This represents decline of the country’s
essential commodity, which stood at 1.46 mbd
or 131.4 million barrels.
According to the report, crude oil export stood
at 1.53 mbd or 140.76 million barrels in the
previous quarter, while deliveries to the
refineries for domestic consumption remained
at 0.45 mbd or 41.4 million barrels.
It added that the average price of Nigeria’s
reference crude, the Bonny Light declined by
8.2 per cent below the level in the preceding
quarter.
The apex bank disclosed that Nigeria’s crude
oil production, including condensates and
natural gas liquids, averaged at 1.98 million
barrels per day (mbd) or 182.16 million
barrels for the quarter.
The country’s crude oil receipts declined
during the quarter under review due to the
decline in crude oil prices at the international
market.
It stated: “Total federally-collected revenue
stood at N2,685.08 billion, representing an
increase of 2.7 per cent above the receipts in
the second quarter of 2014, but was a decline
of 1.2 per cent below the proportionate
quarterly budgeted estimate. At N1,723.11
billion, oil receipts, which constituted 64.2 per
cent of the total, fell below the proportionate
budget estimate and the level in the
preceding quarter by 3.8 and 4.0 per cent,
respectively. The fall in oil receipts was
attributed, largely, to a decrease in crude oil
and gas exports during the review quarter”.
The bank noted that non-oil receipts, at
N961.98 billion, were higher than the budget
estimate and the receipts in the preceding
quarter by 3.7 and 17.6 per cent, respectively.
Federal Government retained revenue was
N924.67 billion, while total expenditure was
N971.07 billion.
Thus the fiscal operations of the Federal
Government resulted in an estimated deficit of
N46.40 billion in the third quarter of 2014,
compared with the quarterly budget and the
preceding quarter’s deficit of N241.1 billion
and N122.41 billion, respectively”.
At the global level, it stated the world crude
oil demand in the third quarter increased by
2.1 per cent above the level recorded in the
second quarter. “Similarly, world crude oil
output also increased by 0.9 per cent over the
level recorded in the preceding quarter”.
The reported explained: “Of the gross
federally-collected revenue during the review
quarter, the sum of N1,608.84 billion (net
deductions and transfers) was transferred to
the Federation Account for distribution among
the three tiers of government and the 13 per
cent Derivation Fund.
“The Federal Government received N765.56
billion, while the state and local governments
received N388.30 billion and N299.36 billion,
respectively. The balance of N155.62 billion
went to the 13.0 per cent Derivation Fund for
distribution among the oil-producing states.
Also, the Federal Government received N27.85
billion from the VAT Pool Account, while the
state and local governments received N92.83
billion and N64.98 billion, respectively”.
No comments: