Federation account revenue increases by 3.28 % to N1.26 trillion

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This report was part of the revenue report by the office of the Accountant General of the Federation.

The bulk of the revenue funds was received from The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) which raked in N292.8 billion, while the Nigerian Customs made N190.26 billion for the month.

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 and this formed part of the revenue stream from taxes.

For revenue earned from value-added tax (VAT), the FIRS made a low turnout as its revenue in July took a downturn. It raked in N190.26 billion down from N208.15 billion recorded in June 2022.

The Nigerian National Petroleum Company limited, NNPC’s downward spiral in terms of revenue generation to the nation has continued to raise questions about the profitability of the entity.

The company has for the seventh consecutive month in 2022, failed to contribute its revenue quota to the federation purse.

This comes amid claims of the subsidy payments eroding the gains made by the country's top petroleum body.

These claims are reflected in the first half of 2022 where petroleum subsidy claims surpassed oil and gas revenue from crude sales by N210 billion.

Although the NNPC recorded N2.39 trillion as gross revenue from oil and gas sales receipts during the period, it still had the bulky sum of N2.6 trillion as subsidy claims.

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