Oil revenue grew by 42.7% in July – NBS

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The National Bureau of Statistics (NBS), said the nation’s gross oil revenue in July increased by 42.7% to N362.42 billion against N254.02 billion recorded in June this year, Vanguard reports.

The report which is titled, “Fiscal Statistics on Government Revenue and Expenditure” for July 2017, stated that gross revenue generated for July was N701.85 billion, while the net Federation Account Revenue after All Deduction Distributable, stood at N521.82 billion.

According to NBS, crude oil sales accounted for the largest part of the oil revenue as N188.15 billion was generated from crude oil sales. The report also indicated that the gross non-oil revenue stood at N338.85 billion which came from excise and fees, imports duty and other customs revenue, while Company Income Tax and other taxes generated N54.00 billion and N284.85 billion respectively.