Nigeria’s revenue to the coffers of the federation from sectors including oil sectors experienced an increase by 3.28 per cent to N1.26 trillion in July 2022 higher than N1.22 trillion recorded in June 2022.
An estimate from the office of the Accountant General of the Federation, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) garnered N292.8 billion, while the Nigeria Customs made N190.26 billion for July
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.
In the first half of 2022, petroleum subsidy claims surpassed oil and gas revenue from crude sales by N210 billion.