Nigeria lifts revenue 3.28% MoM
By Jeph Ajobaju, Chief Copy Editor
Federal treasury revenue rose 3.28 per cent month-on-month (MoM) from N1.22 in June to N1.26 trillion in July, boosted by intakes from three agencies, but the Nigerian National Petroleum Company (NNPC) again failed to remit even one kobo.
The latest report of the Office of the Accountant General of the Federation (OAGF) said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted N292.8 billion in July and the Nigeria Customs Service (NCS) N190.26 billion.
The Federal Inland Revenue Service (FIRS) collected N191.7 billion as oil sector taxes and the non-oil sector fetched N444.65 billion, the highest amount in July.
Value Added Tax (VAT) brought in N190.26 billion, down from N208.15 billion in June.
However, for the seventh month running, the NNPC failed to contribute revenue to the Federation Account, again claiming subsidy payments eroded oil gains.
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Fuel subsidy payments
Fuel subsidy claims surpassed oil and gas revenue by N210 billion in the first half of 2022 (H1 2022), during which the NNPC made N2.39 trillion revenue and paid N2.6 trillion for subsidy claims.
The NNPC also deducted N1.59 trillion as part of subsidy costs.
Out of the 1.26 trillion revenue in July, the Federation Account Allocation Committee (FAAC) shared N954.09 billion among the three tiers of government, after statutory deductions, said the OAGF report, per Vanguard.
The federal government received N406.610 billion, states N281.342 billion, and local governments N210.617 billion.
The World Bank alerted in 2021 that Nigeria’s revenue-to-Gross Domestic Product (GDP) ratio, which fell to between 5 per cent and 6 per cent last year, was the lowest in the world.
World Bank Country Director for Nigeria Shubham Chaudhuri sounded the warning in a panel session at a virtual public sector seminar organised by the Lagos Business School.