Nigeria Generates N701.85bn Gross Revenue in July 2017

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The fiscal statistics on government revenue and expenditure for July 2017 reflected that total gross oil revenue was put at N362.43bn as against N254.02bn in June 2017. Crude oil sales accounted for the larger chunk of the oil revenue as N188.15bn was generated from crude oil sales while gas sales generated N29.69bn. the least oil revenue came from rent and gas flared penalty with N0.044bn and N0.184bn generated respectively.

Non-oil revenue came from Excise & Fees, import duty & other Customs  and Companies Income Tax & Other Taxes with N54.00bn and N284.85bn generated respectively as gross non-oil revenue amounted to N338.85bn.

The gross revenue generated was put at N701.85bn while Net Federation Account Revenue after All Deductions Distributable was put at N521.82bn for July 2017.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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