International - U.S. Energy Information Administration (EIA) In terms of the relationship between tax and GDP, the data from 2008 and 2009, government revenue represented 14.6% of the country's GDP while in 2000 the revenue was at an all-time high of 20% of the GDP. Nigeria: contribution oil sector to GDP 2018-2021 | Statista (Data shown is for 2016, the latest year with complete data in all categoreies) Oil Reserves in Nigeria. Revenue Statistics - OECD countries: Comparative tables. Historically, oil revenue has been a primary source of funding the Nigerian budget, but the money gotten from oil has been inconsistent. The total revenue generated by Nigeria from crude oil and gas exports from January to September 2020 tumbled by $1.24bn, compared to the same period in 2019. The Presence of Dutch Disease in Nigeria: The Implication ... In terms of the relationship between tax and GDP, the data from 2008 and 2009, government revenue represented 14.6% of the country's GDP while in 2000 the revenue was at an all-time high of 20% of the GDP. PDF Non-Oil Revenue and Economic Growth in Nigeria Real growth decelerated sharply to 2.1%y/y in Q4'15, Our tools allow individuals and organizations to discover, visualize, model, and present their data and the world's data to facilitate better decisions and better outcomes. Non-tax revenue: Rents and royalties: Revenue from oil: 3 574 420: 5 065 280: 3 470 080: 3 069 250: 3 320 800: 2 . Nigeria's Head of State and Commander-in-Chief of the Armed Forces is HE Muhammadu Buhari. NIGERIA 4 INTERNATIONAL MONETARY FUND where it is originated. A report from the National Bureau of Statistics shows that Nigeria's economy grew 1.81 percent in the third quarter of 2018. The publication Revenue Statistics in Africa is jointly undertaken by the OECD Centre for Tax Policy and Administration and the OECD Development Centre, the African Union Commission (AUC) and the African Tax Administration Forum (ATAF) with the financial support of the governments of Ireland, Japan, Luxembourg, Norway, Sweden and the United Kingdom. 8 Nigeria: Looking beyond Oil GDP has slowed, driven by lower oil sector growth and a weaker non-oil sector Nigeria's economy grew by 2.7%y/y in 2015, which represents the slowest growth in the past five years, much lower than the 5-year real GDP average of 4.8%y/y. The graph below. 1.2.4c: Is the most recent publicly available data on tax and payment receipts. The oil price shock of late 2014 and its aftermath pushed the economy into recession and precipitated a major budgetary crisis at the national and state levels which brought to light the longer-term trend of weak domestic revenue mobilization. Crude Oil Production in Nigeria averaged 1861.54 BBL/D/1K from 1973 until 2021, reaching an all time high of 2475 BBL/D/1K in November of 2005 and a record low of 675 BBL/D/1K in February of 1983. Crude oil from the Niger delta basin comes in two types: light, and comparatively heavy - the lighter around 36 gravity and the heavier, 20-25 gravity. After nearly 50 years of exploration, the oil and gas sector continues to play a significant role in the economy and accounts for 65% of total revenue to the government. In 2016, the Federal Government received revenue of $3.3 trillion which comprise 17.8% of the country's GDP. Details of Public Revenues - Rwanda. The International Monetary Fund (IMF) projects that Nigeria's crude oil and natural gas exports earned $55 billion in 2018, which is $23 billion higher than in 2016. this has a huge toll on the nation's oil revenue. Between October and December 2020, the oil . Nigeria was highly vulnerable to the global economic disruption caused by COVID-19, particularly due to the decline in oil prices. ET comments In a bid to successfully diversify Nigeria's economy from being dependent on oil and gas revenue's, the Federal Government has . 854: Fiscal Statistics (Revenue and Expenditure) (July 2017) 5: 10: 38: Revenue, Expenditure, Fiscal statistics. Nigeria Now Earns More From Non-Oil Revenues, Says Osinbajo. 7 In July 2020, as the economic impact of the Covid-19 became more glaring, oil export revenue fell to its lowest for many years with Nigeria earning just $84.63 million, compared to $335.07 million . According to the Indian High Commission […] in NEWS. The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. In Q1 2021, the bulk of export transactions were conducted through Apapa port, with goods valued at 2.58 trillion naira ($6 billion), or 88.91% of total exports. oe.cd/revenue-statistics-in-latin-america-and-the-caribbean The tax-to-GDP ratio in Nigeria increased by 0.6 percentage points from 5.7% in 2017 to 6.3% in 2018. The International Monetary Fund (IMF) projects that Nigeria's crude oil and natural gas exports earned $55 billion in 2018, which is $23 billion higher than in 2016. Nigeria, Africa's top oil producer, generated $206.06bn in revenue from crude oil exports in the last five years, the Organisation of Petroleum Exporting Countries has said. Nigeria now earns more from non-oil revenues - Osinbajo. Crude Oil Production in Nigeria decreased to 1228 BBL/D/1K in October from 1247 BBL/D/1K in September of 2021. Nigeria is the largest oil and gas producer in Africa. The shortfall, attributed to the double whammy of the headwind caused by the COVID-19 pandemic and the slump in oil price due to a sharp drop in demand and . Nigeria is one of the largest and oldest oil producers in Africa, with over 50 years of commercial extractive activity. . Revenue Statistics in Africa 2020 ─ Nigeria Tax-to-GDP ratio over time Tax-to-GDP ratio, 2018 The LAC average refers to the Revenue Statistics in Latin America and the Caribbean 2020 publication. Click below to download NNPC's annual statistical bulletins . He stated this at the Nigerian Society of Chemical Engineers . Nigeria's oil sector generally accounts for about nine percent of the country's gross domestic product (GDP). Step 1: Comparing the figures on oil and non-oil revenues . VIEWS. Federal Government retained revenue and estimated expenditure for May 2019 were N302.69 billion and N490.72 In the first quarter of 2021, oil accounted for about 9.25% of Nigeria's gross domestic product (GDP), up from 5.8% recorded in the fourth quarter 2020, and contributing approximately 85% of export earnings and around 50% of total government revenues. The VECM discovered that natural log of oil revenue and exchange rate were significance and indirectly related to manufacturing sector output; while, natural log of government expenditure was significant and directly relate to it with their absolute t-statistics (1.69764), (9.92788) and (3.2788) greater than t-values (t0.05= 2.056, t0.1 = 1.706 . See also: List of countries by Oil Reserves Nigeria holds 37,070,000,000 barrels of proven oil reserves as of 2016, ranking 10th in the world and accounting for about 2.2% of the world's total oil reserves of 1,650,585,140,000 barrels. Crude Oil Production in Nigeria decreased to 1228 BBL/D/1K in October from 1247 BBL/D/1K in September of 2021. A week before the latest deadline to pass Nigeria's long-awaited oil overhaul bill, demands for big changes, including from community leaders seeking an increased share of revenues, could push its . Government Revenues in Nigeria averaged 879.47 NGN Billion from 2010 until 2020, reaching an all time high of 1480.87 NGN Billion in the fourth quarter of 2019 and a record low of 498.54 NGN Billion in the second quarter of 2015. [2] The growth in export revenue, which can be partly attributed to . Nigeria. Nigeria now earns more from non-oil revenues - Osinbajo. Nigeria's earnings in the period were N1.48 trillion which is 56% off its main target, crude oil revenues accounted for half of Nigeria's revenues, while non-oil revenues made up the rest in the first 5 months of the year. Enterprise Managing Director of Huawei Technologies Company Nigeria Limited, Michael Zhuang, revealed this at the 2020 Nigeria International Petroleum Summit (NIPS) saying that the company has been operating in Nigeria for over two decades supporting local . Get in touch with us now. Nigeria. affecting oil revenue accrued to the nation's treasury. In Nigeria, oil has been more of a curse than a blessing.Weak institutions of state and poor governance in managing the vast revenues have led the country to fail to realise its full potential in . Similar statistics were recorded for commodity imports into Nigeria: water transport at 88.4%, air transport at 11.17%, and road transport at 0.4%. Vice President Yemi Osinbajo has said that more revenue is now flowing into the country's treasury from non-oil and gas exports. The oil and gas sector is one of the most important sectors in the country's economy, accounting for more than 90% of the country's exports and 80% of the federal government's revenue. , Oct 4, 2021. These experiences show that Nigeria can improve its non-oil revenues, with the right mix of political will and smart policies. Vice President Yemi Osinbajo says revenue recently flowing into the nation's treasury are majorly from non oil and gas exports. Until recently, however, citizens within the country have not had sufficient information to hold companies or government entities accountable for billions of dollars of oil and gas revenues, nor to begin to assess the costs, benefits and management of the country's . Vice President Yemi Osinbajo has said that more revenues are now flowing into the country's treasury from non-oil and gas . SCADA Oil & Gas Market Size 2021 Regions will have the highest revenue, Top Countries Data, which will emerge in importance in the market 2024 Published: Oct. 24, 2021 at 2:20 a.m. The secondary source of data collection method was used This is contained in a statement by Josephine Ademu, Press and Public Relations of the Federal Ministry of Science, Technology and Innovation on Friday, in Abuja. With 18 operating pipelines and an average daily production of some 1.8 million barrels in 2020, Nigeria is the eleventh largest oil producer worldwide. Nigeria's oil production . India, Nigeria's largest crude oil importer, reduced crude oil imports by $39.5bn in April, compared to the same time the previous year, data from India's Petroleum Planning & Analysis Cell showed. Nigeria Now Earns More From Non-oil Revenues - Osinbajo. Nigeria's weak revenue mobilization has major implications for growth and development, including for . Vice President Yemi Osinbajo says revenue recently flowing into the nation's treasury are majorly from non oil and gas exports. Tel: (234) 9 2908 662 / (234) 8 074 985 880. Both types are paraffinic and low in sulfur. NEITI Oil and Gas Audit Report 2018 Oil and Gas Nigeria 1.2.4a: Does the government publicly disclose data on the value of tax/payment receipts? This first edition, titled "Nigeria's Post Oil Economy: Going the Housing Consumer Credit Path", is a critical analysis of the employment cum income potentials of the manufacturing and construction sectors, positioning the housing subsector especially as an alternative for revitalizing Nigeria's economy, and as a viable revenue . The government is to pay the state the sum of $ 1,638,396,277 as oil revenue in its verdict on Monday, November 1. Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS), Mr Tunde Fowler speaks during an exclusive interview with Reuters in Abuja . Vice President Yemi Osinbajo . Knoema, an Eldridge business, is the most comprehensive source of global decision-making data in the world. About 43,000 barrels of oil were lost in 881 cases of oil spillage in Nigeria from 2019 to May 1 this year, data from NOSDRA shows. This page provides the latest reported value for - Nigeria Crude Oil Production - plus . by Yusuf . Revenues subsequently rose by 21% between 2007 and 2011, while the Tax to GDP ratio increased from 10.8% in 2005 to 14.6% in 2010. Vice President Yemi Osinbajo says revenue recently flowing into the nation's treasury are majorly from non oil and gas exports. exporting an average of 240,000 barrels of crude oil daily. Revenue Statistics - OECD countries: Comparative tables . Revenue from Oil Could Only Finance 8.78% of Nigeria's Budget 2020 Total revenue from crude oil would only be able to fund 8.78% of Nigeria's spending plan for 2020 after several adjustment made to the budget to align with economic situation. Oil accounts for over 80 percent of exports, a third of banking sector credit, and half of government revenues. By Sylvester ThompsonVice President Yemi Osinbajo said Nigeria is now earning more revenue from non-oil and gas exports. oe.cd/revenue-statistics-in-latin-america-and-the-caribbean The tax-to-GDP ratio in Nigeria increased by 0.6 percentage points from 5.7% in 2017 to 6.3% in 2018. 889: Federation Account Allocation Committee (FAAC) (August 2017 Disbursement) 2: 7: 37 [2] The growth in export revenue, which can be partly attributed to . Share on Facebook Share on Twitter Share on WhatsApp Share on Telegram. SHARES. In 2016, the Federal Government received revenue of $3.3 trillion which comprise 17.8% of the country's GDP. Increasing Investments to Maintain the Country's Oil and Gas Production Nigeria is one of the largest and oldest oil producers in Africa. Data from DPR showed that crude oil . Non-Oil Revenue and Economic Growth in Nigeria Adeusi, Amos Sunday 1 Uniamikogbo, Emmanuel 1 Erah, Ose Dominic (Ph.D) 2 . 0. 3 weeks ago. ET Revenue Statistics in Africa 2020 ─ Nigeria Tax-to-GDP ratio over time Tax-to-GDP ratio, 2018 The LAC average refers to the Revenue Statistics in Latin America and the Caribbean 2020 publication. Oil revenues have dropped by 80 percent in Nigeria, government officials said Tuesday.It's a huge challenge for the first Sub-Saharan economy highly reliant on the black gold. U.S. dollars. Oil Revenue: Big Blow as PDP Governor Floors FG in Court, to Get $1.6bn. According to the data from the CBN, total exports (Free on Board "FOB") in 2019 was $64.9 billion. The oil and gas sector accounts for about 10 per cent of gross domestic product, and petroleum exports revenue represents around 86 per cent of total exports revenue. Reading Time: 1 min read 0 0. Nigeria, Africa's top oil producer, generated $206.06bn in revenue from crude oil exports in the last five years, the Organisation of Petroleum Exporting Countries has said. The solutions can deliver a boost in Nigeria's oil production of up to five per cent and improve revenue by up to $200 million annually. Tweets by @NNPCgroup. Because Nigeria heavily depends on oil revenue, its economy is noticeably affected by crude oil price changes. Increased tax revenues, however, must not be accompanied by reduced long-term welfare. Nigeria's economy grew 0.5% in the first quarter, lifted by higher crude production and oil prices, the country's statistics office said on Sunday, as activities slowly gain momentum after the . Ari Aisen, Resident Representative. Its currency is the naira. He also stressed that the implementation of the free trade zone in Africa would lead to the doubling the continent's trade in 10 years. Of every dollar of oil revenue, 13 cents are allocated exclusively to the eight oil-producing states, 44 cents to the Federal Government, and 43 cents are shared among the State, Mr. Aisen, a national of Brazil, joined the IMF in 2003 and has gained extensive experience as a macroeconomist during his career. Despite the efforts of the Federal Government to diversify the economy away from oil to non-oil sector, receipts from oil and . These in essence gi ve a clear picture of the activities that spell out the major economic profile of Nigeria driving for transparency and accountability; to give would-be and . The Annual Statistical Bulletin (ASB) is the annual version of the Monthly Petroleum Information (MPI) and includes an annual summary of Nigerian Oil and Gas Industry activities. On Friday, President Muhammadu Buhari signed the new 2020 revised budget of N10.8 trillion with the crude oil benchmark . Nigeria's oil revenue target fell by N125.52 billion in the first quarter (Q1, 2020) to N940.91 billion, according to figures released yesterday by Minister of Finance, Mrs. Zainab Ahmed. This is . Petroleum Statistics: Crude Oil Production (Volume And Value) and Oil Refining (1961-2014) 5: 10: 35: Crude oil Production, Oil Refining. 0. Nigeria's economy and commercial activities were severely affected by the COVID-19 . The petroleum industry accounts for about . Oil and non-oil receipts (gross), at N410.18 billion and N323.64 billion in the review month, constituted 55.9 per cent and 44.1 per cent of total revenue, respectively. OPEC, in its 2020 . OPEC, in its 2020 . Details of Public Revenue - Senegal . Send Share Share on Facebook Tweet this . Nigeria produces only about 2.7%(percent) of the world's oil supply . Data on Federal (national-level) oil and non-oil revenues are compiled by the Central Bank of Nigeria (CBN), Currently oil and non-oil tax revenue values by the CBN are presented in nominal terms and in the national official currency (Naira). Email: LBonet@imf.org. The Federal High Court in Abuja has ruled in favour of Delta state in its case with the federal government over the Production Sharing Contracts. Nigeria's economy and budget has been largely supported from income and revenues generated from the petroleum industry since 1960. Press Release Nutmeg Oil Market Size 2021 Top Countries Data , projected revenue figures, growth rate throughout the forecast period 2024 Published: Nov. 27, 2021 at 12:01 a.m. Debt Servicing, Tax Revenue, and Oil in Nigeria. The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that Nigeria's non-oil revenue grew to N1.15 trillion, representing 15.7 per cent above the target rate in response . Although oil revenues contributed 2/3 of state revenues, oil only contributes about 9% to the GDP. This page provides - Nigeria Government Revenues- actual values, historical data . . How Nigeria recorded its highest non-oil exports ever in 2019. Fuel prices are at a record high and the nation is struggling to wean itself off oil. Increasing Investments to Maintain the Country's Oil and Gas Production Nigeria is one of the largest and oldest oil producers in Africa. With a maximum crude oil production capacity of 2.5 million barrels per day, Nigeria is Africa's largest producer of oil, and the 13th largest oil producing country in the world. Nigeria earns more from non- oil revenues,says Osinbajo. Nigeria Earns More From Non-Oil Revenue Sources - Osinbajo. As Nigeria prepares to celebrate 60 years of independence on October 1, many say there isn't much cause for cheer. Oil and Gas Statistics The Monthly Petroleum Information (MPI) and the Annual Statistical Bulletin (ASB) represent the activities of the Oil and Gas Indus try in Nigeria. Annual Statistics Bulletin . News Agency Of Nigeria November 12, 2021 2:59 PM Vice President Yemi Osinbajo says revenue recently flowing into the nation's treasury are majorly from non oil and gas exports. Nigeria's Oil and Gas Revenues: Insights From New Company Disclosures Analyzing Nigeria's oil and gas sector PtG reports provide citizens with unprecedented levels of relevant and timely project-level payment data that can be used to inform public debate on the management of Nigeria's natural resources. By NAN. Oil still accounts for 92% of Nigeria's earnings — Investigation. In the quarter under review, Nigeria recorded an average daily oil production of 1.94 million barrels per day, lower than the average daily output of 2.2 million barrels per day. Nigeria Government Revenues. Nigeria's President Muhammadu Buhari has said his administration has transformed the nation's economy from being solely dependent on oil revenue to diverse revenue sources in the past years. This is contained in a statement by Josephine Ademu, Press and Public Relations of the Federal Ministry of Science, Technology and Innovation on Friday, in . An analysis of data obtained from the . The oil and gas sector is one of the most important sectors in the country's economy, accounting for more than 90% of the country's exports and 80% of the federal government's revenue. Meristem Securities Limited in its second half of 2020 economic review tagged unmasking value in scourge said spike in budget deficit remains . General . 12 November 2021 | 9:49 am . by Innocent Odoh. Nigeria has proven reserves equivalent to 237.3 times . This page provides the latest reported value for - Nigeria Crude Oil Production - plus . Nigeria recorded total export revenue of $10.4 billion in 2019, the highest since 2008 which is farthest we can trace the country's export data. He has worked in the Western Hemisphere, Asia-Pacific, Middle East and Central Asia, Africa, and Monetary and .
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