Business Nigeria made N1tn revenue in July

According to CBN website on thursday, Nigeria made a total of N1.05tn in collected revenue in July which was 33.7 percent increase of what was made in June.The amount represents an increase of 33.7 per cent over what was realised in June. N645.65bn was recieved from the oil sectors while N404.53bn was from non-oil.

The report also stated that the increase in oil receipts was as a result of the increase in receipts from the Petroleum Profit Tax, royalties, and domestic crude oil and gas sales in the review period while theincreas innon-oil receipts was due to the increased receipts from corporate tax, customs and excise duties and customs special levies.

According to CBN, crude oil production was estimated at 1.85million bpd and this differs from the average daily crude production of 2.4 million bpd that was produced before theft, pipeline vandalism and production shut-ins became rampant in the country.

The report further stated that foreign exchange sales made by CBN reduced by 22.1 percent
CBN GOVERNOR, Sanusi Lamido Sanusi.jpg
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