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Nigeria doubles revenue from oil sales

Nigeria doubles revenue from oil sales

LAGOS – Nigeria earned 998 billion naira (N$46,65 billion) from crude oil sales in fiscal 2003, almost double the figure of the previous year, the Central Bank of Nigeria (CBN) said yesterday.

The CBN said in its 2003 statement of account the 98,8 per cent increase over the 2002 figure of 502,1 billion naira could be attributed to the higher price of crude oil on the international market. Revenues from the petroleum profit tax (PPT) and royalties amounted to 683,5 billion naira, or 74,3 percent more than in the preceding year, while domestic crude oil sales rose by 82,2 billion naira, a 27 per cent increase.”The sum of 563,5 billion naira in respect of joint venture cash calls and excess crude, PPT and royalty proceeds was deducted from gross oil receipts during the year.This was 437,8 billion naira higher than the deduction of 125,7 billion naira in 2002,” it said.”Revenue from non-oil sources declined by 0,4 per cent to 500,8 billion naira in 2003,” it added.Nigeria, Africa’s biggest and the world’s sixth largest oil exporter, with a daily output of some two million barrels, depends on the oil sector for its survival.The bulk of the country’s output is produced by the state-run oil company NNPC in conjunction with oil majors such as Anglo-Dutch Shell, US groups ExxonMobil and ChevronTexaco, France’s Total and Italy’s Agip.Nigeria’s earnings from oil sales have risen in recent months because of a significant rise in the price of crude on the world market.- Nampa-AFPRevenues from the petroleum profit tax (PPT) and royalties amounted to 683,5 billion naira, or 74,3 percent more than in the preceding year, while domestic crude oil sales rose by 82,2 billion naira, a 27 per cent increase.”The sum of 563,5 billion naira in respect of joint venture cash calls and excess crude, PPT and royalty proceeds was deducted from gross oil receipts during the year.This was 437,8 billion naira higher than the deduction of 125,7 billion naira in 2002,” it said.”Revenue from non-oil sources declined by 0,4 per cent to 500,8 billion naira in 2003,” it added.Nigeria, Africa’s biggest and the world’s sixth largest oil exporter, with a daily output of some two million barrels, depends on the oil sector for its survival.The bulk of the country’s output is produced by the state-run oil company NNPC in conjunction with oil majors such as Anglo-Dutch Shell, US groups ExxonMobil and ChevronTexaco, France’s Total and Italy’s Agip.Nigeria’s earnings from oil sales have risen in recent months because of a significant rise in the price of crude on the world market.- Nampa-AFP

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