The Nigerian Government saw a major boost in oil and gas revenue in February 2025, earning 70.49% more than it did in the same month of the previous year, according to the latest Economic Report released by the Central Bank of Nigeria (CBN).
In the report, the apex bank revealed that the government earned ₦813.22 billion from the petroleum sector in February 2025, a significant increase from the ₦477 billion recorded in February 2024. This also marks a 33.57% jump compared to the ₦608.85 billion generated in January 2025.
Despite this increase in revenue, crude oil production dipped by 4.55% during the month, falling to an average of 1.47 million barrels per day. The CBN attributed the decline to maintenance-related disruptions on the Trans-Niger Pipeline and reduced output from key terminals.
On the global front, crude oil prices trended downward in February. The average spot price of Bonny Light Nigeria’s benchmark crude dropped by 4.56% to $77.08 per barrel, down from $80.76 per barrel in January. The fall in prices was linked to renewed optimism about a potential peace deal between Russia and Ukraine, as well as seasonal slowdowns due to increased global refinery maintenance.
The CBN also provided a detailed breakdown of the oil revenues. Crude oil and gas exports contributed ₦51.33 billion about 6.3% of total oil income. This figure was 23.75% higher than the ₦15.38 billion earned in January 2025 but represented a 54.37% decline compared to ₦112.48 billion from February 2024.
Revenue from Petroleum Profit Tax (PPT) stood at ₦67.49 billion, accounting for 8.3% of oil earnings. However, this was a drop of 39.55% from January’s ₦111.64 billion and 22.46% lower than the ₦87.04 billion recorded a year earlier.
Royalties formed the largest chunk of oil income, contributing ₦519.57 billion or 63.9% of total earnings from the sector. This figure represents a 53.71% increase from ₦338.01 billion in January 2025 and more than double the ₦257.38 billion recorded in February 2024 an impressive 101.87% year-on-year rise.
Interestingly, the country did not earn any revenue from domestic crude oil and gas sales in February. However, income from “other oil sources” rose significantly to ₦174.83 billion—up 21.56% from ₦143.82 billion in January and an astonishing 769.8% higher than the ₦20.1 billion reported in February 2024.
In total, the federal government collected ₦2.732 trillion in revenue for the month, with oil contributing 30% and non-oil sources accounting for the remaining 70% at ₦1.9 trillion.
