The Central Bank of Nigeria (CBN) says the administration of President Muhammadu Buhari earned a total of N16.647 trillion from the oil and gas industry in its first tenure from May 2015 to April 2019.
According to the data obtained from various reports of the CBN, the country’s earnings from the petroleum industry was from crude oil and gas sales, Petroleum Profit Tax (PPT), royalties and other sources.
The reports said the money was earned by the Nigerian government only and does not include earnings by oil and gas companies operating in the country.
The total oil revenue represented the amount which was later shared to the Federal, State and Local Governments after the inclusion of non-oil revenue as well as after other deductions and transfers.
It was however observed from the reports that the amount earned by Buhari in the first four years of his administration was 43.6 percent lower than the N29.514 trillion earned by the administration of President Goodluck Jonathan from May 2011 to April 2015.