The Federal Government of Nigeria saw a significant boost in oil and gas revenue in February 2025, recording a 70.49% increase compared to February 2024, according to the Central Bank of Nigeria (CBN).
In its latest economic report, the CBN revealed that the government earned ₦813.22 billion from the petroleum sector in February 2025, up from ₦477 billion the previous year. This also marks a 33.57% increase from the ₦608.85 billion recorded in January 2025.
Crude Oil Production and Price Trends
Despite the revenue growth, domestic crude oil production fell by 4.55% to 1.47 million barrels per day. The decline was attributed to maintenance disruptions on the Trans-Niger Pipeline and lower output from key terminals.
Globally, oil prices dipped due to hopes of a peace deal between Ukraine and Russia and increased refinery maintenance. The average price of Nigeria’s Bonny Light crude dropped 4.56%, from $80.76 to $77.08 per barrel.
Breakdown of Oil Revenue
- Royalties made up the largest share at ₦519.57 billion, accounting for 63.9% of total oil revenue. This was a 53.71% increase from January and 101.87% higher than in February 2024.
- Petroleum Profit Tax (PPT) contributed ₦67.49 billion (8.3%), a decrease from both January and the same month last year.
- Crude oil and gas exports earned ₦51.33 billion, improving on January’s figures but down from February 2024.
- Other oil sources brought in ₦174.83 billion, a massive 769.8% increase from February 2024.
The report also noted that total federally collected revenue for February 2025 stood at ₦2.732 trillion, with oil revenue making up 30% and non-oil revenue 70%.
