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FG earns N3.8tn from crude oil exports
By Oluyinka Akintunde
Published: Thursday, 9 Nov 2006
The Federal Government earned a total of N3.792tn from crude oil exports
between January and August 2006, the Central Bank of Nigeria said on
Wednesday.
The CBN, in its monthly report for August 2006, which was released in Abuja,
said that crude oil exports for the month, accounted for $4.653bn (about
N591.144bn) of the total crude oil export earnings.
According to the bank, the country exported 2m barrels per day, or 62m
barrels of crude oil, in August 2006, compared with 1.71 mbd or 53.01m
barrels in July 2006.
It said that the estimated average crude oil price of $75.04 per barrel ?
the price of Nigeria's reference crude, the Bonny Light ? rose by 0.2 per
cent over the level in the preceding month.
It attributed the price increases to the persistent hostilities in the
Middle East as well as supply outages, from Iran and Nigeria which
contributed to the price increase in the review period.
It further traced the crude oil price increases to the fear of hurricane
recurrence at the onset of the season as well as the shutdown of British
Petroleum's Prudhoe Bay field in Alaska, North America.
It added, "Nigeria's crude oil production, including condensates and natural
gas liquids, was estimated at 2.28m barrels per day (mbd) or 70.68m barrels
in August 2006, compared with 2.16 mbd or 66.96m barrels in the preceding
month.
"Deliveries to refineries for domestic consumption remained at 0.45 mbd or
13.95m barrels for the month."
The CBN had earlier said that N3.201tn was earned from crude oil exports in
the first seven months of 2006.
According to the bank, the government realised N1.551tn, N1.144tn and
N506.23bn (about $3.704bn) in the first quarter, second quarter and July
2006, respectively.
About N465.98bn ($3.675bn) crude oil revenue from the Federation Account was
monetised between January and July 2006.
The Director of the Foreign Operations Department, CBN, Alhaji Mohammed Nda,
had said the money was shared among the three tiers of government between
January and July 2006.
This represents an increase of 21 per cent over the N385.16bn monetised in
the corresponding period in 2005, and a decrease of 16.5 per cent over the
N558.42bn monetised during the corresponding period of 2004
Dshaikh Izuchukwu
Africare-Whico Organization
P.O. Box 84480
Los Angeles, CA. 90073-0480
USA
Tell:1-310-999-9826
1-310-808-3100
Fax: 1-310-559-2557
Email: dshaikh@whico.org
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