Nigeria’s revenue up 3.28% to N1.26trn in July

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The revenue inflow to the federation account from the oil and non-oil sector increased by 3.28 percent to N1.26 trillion in July 2022 from the N1.22 trillion recorded in June.

According to the details in the revenue report of the office of the Accountant General of the Federation, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raked in N292.8 billion, while the Nigeria Customs made N190.26 billion for the month.

On taxes, revenue from the oil sector to the Federal Inland Revenue Service (FIRS) amounted to N191.7 billion, while the non-oil sector contributed the highest for the month at N444.65 billion.

For value-added tax (VAT), FIRS raked in N190.26 billion down from N208.15 billion recorded in June 2022.

For the seventh consecutive month in 2022, the Nigerian National Petroleum Company (NNPC) Limited failed to contribute revenue to the federation purse as subsidy payments eroded oil gains.
Recall that in the first half of 2022, petroleum subsidy claims surpassed oil and gas revenue from crude sales by N210 billion.

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