The Federal Government’s revenue from the oil and gas sector was about 70 per cent higher in February 2025 than that earned from the sector in February 2024.
According to the Central Bank of Nigeria (CBN) latest Economic Report for February 2025, the sector raked in 70.49 per cent higher in February than the ₦477 billion recorded same period last year.
In its analysis of oil sector activities in the month under review, the CBN disclosed that domestic crude oil production declined by 4.55 per cent to 1.47 million barrels per day, reflecting disruptions in maintenance operations on the Trans-Niger Pipeline and lower output from key terminals.
It added that global crude oil prices fell in February 2025, largely due to the possibility of a peace deal between Ukraine and Russia and increased global refinery turnarounds.