Nigeria’s gross oil revenue in July increased by 42.7 percent to ₦362.42 billion against ₦254.02 billion recorded in June this year, the National Bureau of Statistics, NBS, said.
The report which is titled, “Fiscal Statistics on Government Revenue and Expenditure” for July 2017, stated that gross revenue generated for July was ₦701.85 billion, while the net Federation Account Revenue after All Deduction Distributable, stood at ₦521.82 billion.
According to NBS, crude oil sales accounted for the largest part of the oil revenue as ₦188.15 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 custom, while Company Income Tax and Other taxes generated ₦54.00 billion and ₦284.85 billion respectively.