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.
Specifically, the CBN noted that the average spot price of Bonny Light, Nigeria’s reference crude oil, fell by 4.56 per cent to $77.08 per barrel (pb), from $80.76 pb in the preceding month.
The government also earned ₦813.22 billion from the petroleum industry in February 2025, rising by 33.57 per cent when compared with the ₦608.85 billion earned from the sector in January 2025.
The banking sector regulator stated that the country recorded total federally-collected revenue of ₦2.732 trillion in February 2025, of which oil revenue, at ₦813.22 billion, accounted for 30 per cent of total earnings, while non-oil revenue, at ₦1.9 trillion, accounted for 70 per cent of the country’s total earnings in the month under review.
Giving a breakdown of oil revenue, the CBN stated that earnings from crude oil and gas exports stood at ₦51.33 billion, accounting for 6.3 per cent of total oil earnings.
It added that earnings from oil and gas exports in February 2025 represented an improvement of 23.75 per cent and a decline of 54.37 per cent when compared with ₦15.38 billion and ₦112.48 billion recorded from the exports of both commodities in January 2025 and February 2024, respectively.
The CBN also noted that Petroleum Profit Tax (PPT) accounted for 8.3 per cent of total oil earnings, with ₦67.49 billion, dropping, however, by 39.55 per cent and 22.46 per cent when compared with ₦111.64 billion recorded in January 2025 and ₦87.04 billion recorded in February 2024, respectively.
Royalties, according to the financial sector regulator, accounted for 63.9 per cent of total oil revenue in February 2025, with ₦519.57 billion, rising by 53.71 per cent compared with ₦338.01 billion recorded in January 2025 and 101.87 per cent higher than the ₦257.38 billion recorded in February 2024.
The country did not record any earnings from domestic crude oil and gas sales in the month under review, while it earned ₦174.83 billion from other oil sources, rising by 21.56 per cent compared with ₦143.82 billion recorded in January 2025, and 769.8 per cent higher than the ₦20.1 billion recorded in February 2024.
Unity Bank, Afrigo Explore Collaboration to Deepen Access to Electronic Payments
Unity Bank Plc has reaffirmed its commitment to advancing electronic payment adoption and financial inclusion by partnering with domestic card scheme provider, AfriGo, to boost card usage across its retail customer segments.
This pledge was made during a strategic business engagement held at Unity Bank’s headquarters in Lagos on Friday, with AfriGo’s executive management team.
Speaking during the session, Unity Bank’s Acting Managing Director/CEO, Mr. Ebenezer Kolawole, stated: “We are committed to making the AfriGo Card a primary delivery channel for Unity Bank. As a national domestic card scheme, it deserves to be promoted both internally and externally as a local solution with significant potential to redefine Nigeria’s card payment landscape.”
Mr. Kolawole also pledged the Bank’s continued support for the adoption of AfriGo cards across its network, while urging AfriGo to intensify awareness campaigns to drive greater market acceptability.
In her remarks, the Managing Director of AfriGo, Ebehijie Momoh, commended Unity Bank for the support it has given the scheme, stating that the Bank ranks among the top five adopters of the AfriGo card and highlighted its growing impact in expanding financial inclusion and improving access to electronic payments.
She noted that AfriGo has continued to innovate with technologies that support instant payments and offline capabilities, ensuring broader access to e-payment systems across underserved markets.
She added that partnerships with solutions like Tap & Go have helped boost contactless payment adoption, improving convenience for cardholders who commute for work, business, or leisure.
Momoh expressed optimism about the potential of Unity Bank’s extensive retail network to drive deeper collaboration aimed at enhancing e-banking penetration nationwide.
This collaboration highlights Unity Bank’s enduring culture of digital innovation and its commitment to financial inclusion through locally developed technology. Over the years, the Bank has introduced several digital solutions that demonstrate this commitment.
Notably, Unity Bank pioneered USSD banking, *7799#, in local languages, an initiative aimed at deepening access among underserved rural and semi-urban communities.
It also launched Unifi, a youth-focused digital banking platform designed to meet the lifestyle and financial needs of the younger demographic.
Most recently, the Bank unveiled GenFi, a gamified mobile banking solution tailored for children and teenagers to cultivate smart money habits from an early age.
