Business

Nigeria’s revenue crossed N1tr in July

The federation’s revenue from the oil and non-oil sector crossed N1 trillion for the second month in July.

Details of the revenue report from the office of the Accountant-General of the Federation showed that the country raked in N1.26 trillion for the month.

The figure represents a N36.9 billion increase from the N1.22 trillion revenue recorded in June.

According to the breakdown, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made N292.8 billion, while the Nigeria Customs Service (NCS) 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 made N190.26 billion down from N208.15 billion recorded in June 2022

For the seventh consecutive month in 2022, the Nigerian National Petroleum Company (Limited) failed to contribute revenue to the federation purse as subsidy payments eroded oil gains.

Further analysis showed that out of the N1.26 trillion revenue for July, the Federation Account Allocation Committee (FAAC) shared N954.09 billion among the three tiers of government — after statutory deductions.

The Federal Government received N406.610 billion, states received N281.342 billion, and the local governments received N210.617 billion.

According to World Bank, Nigeria’s revenue-to-gross domestic product (GDP) ratio is weak and one of the lowest in the world.

Stakeholders have urged the federal government to block loopholes and increase revenue generation and collection.

Last month, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), ‘Laoye Jaiyeola, said the government’s expenditure in the country had grown by 105 per cent since 2015, while revenue increased by 15 per cent.

TheNation

Related Articles

Leave a Reply

Back to top button