NIGERIA’S REVENUE UP 3.28% TO N1.26TRN IN JULY.

The revenue inflow to the federation account from the oil and non-oil sector increased by 3.28 percent to 1.26 trillion naira in July 2022 from the 1.22 trillion naira 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 raked in 292.8 billion naira, while the Nigeria Customs made 190.26 billion naira for the month.

On taxes, revenue from the oil sector to the Federal Inland Revenue Service amounted to 191.7 billion naira, while the non-oil sector contributed the highest for the month at 444.65 billion naira.

For value-added tax, FIRS raked in 190.26 billion naira down from N208.15 billion recorded in June 2022.

Recall that in the first half of 2022, petroleum subsidy claims surpassed oil and gas revenue from crude sales by N210 billion.