Nigeria’s crude oil earning increased from the N253.02billion in June, to N362.43billion in July, according to the National Bureau of Statistics (NBS). This comes as stakeholders in the oil and gas industry have underscored the drawbacks of the Petroleum Industry Governance Bill (PIGB), saying that the bill failed to address some critical issues in the oil sector.
The fiscal statistics on government revenue and expenditure for July 2017, released on Wednesday, reflected that crude oil sales accounted for the larger chunk of the oil revenue, as N188.15billion was generated from crude oil sales, while gas sales generated N29.69billion.
The agency said the least oil revenue came from rent, and gas flared penalty with N0.044billion and N0.184 billion respectively.The report said non-oil revenue came from Excise and Fees, import duty, and other Customs and Companies Income Tax, and Other Taxes with N54billion, and N284.85billion generated respectively as gross non-oil revenue amounted to N338.85billion.
NBS put the gross revenue for the month at N701.85billion, while Net Federation Account Revenue after All Deductions Distributable was N521.82billion.