Nigeria’s gross profit from crude oil and gas sales fell by N824.66 billion in 2024, even as overall oil receipts and production showed an uptrend.
Fresh data from the Budget Implementation Report for Q4 2024, published by the Budget Office of the Federation, show that gross profit dropped to N1.08 trillion in 2024 from N1.90 trillion in 2023. That represents a 43.32% year-on-year decline.
The N1.08 trillion outturn also missed the Federal Government’s full-year target of N1.46 trillion by N385.39 billion, or 26.32%, signalling a much weaker-than-planned profitability from crude sales despite reforms such as petrol subsidy removal and tighter upstream monitoring.