28 December 2017, Sweetcrude, Abuja — Nigeria earned N362.24 billion from Petroleum Profit Tax (PPT) and Gas tax in three months, between July and September 2017.
According to data obtained from the Central Bank of Nigeria’s (CBN) Statistical Bulletin for the Third Quarter of 2017, revealed that PPT and Gas tax accounted for 16.3 percent of gross revenue and 39.9 percent of total oil revenue in the period under review.
The report noted that in July, August and September 2017, the country recorded PPT and Gas tax of N100.11 billion, N69.57 billion and N192.56 billion respectively.
Further analysis revealed that at N362.24 billion, PPT and gas tax for the third quarter appreciated by 76.6 percent, compared to N205.08 billion recorded in the second quarter of 2017.
In addition, the CBN report stated that Nigeria recorded total oil revenue of N908.39 billion in the third quarter of 2017, rising by 55.5 percent compared to N584.14 billion recorded in the second quarter of 2017.
On a month-on-month analysis, the report stated that N262.33 billion, N342.7 billion and N303.36 billion Oil revenue was recorded in July, August, and September respectively.
In general, the country recorded total revenue of N2.224 trillion, rising by 60 percent from N1.39 trillion recorded in the second quarter of 2017. Again, in the months of July, August and September 2017, gross revenue stood at N782.93 billion, N634.99 billion and N805.67 billion respectively.
Also, the report revealed that the country earned $11.267 billion, about N3.44 trillion, from the export of crude oil and gas in the period under review, appreciating by 41.8 percent as against crude oil and gas export of $7.943 billion, about N2.425 trillion in the second quarter of 2017.
On the other hand, Nigeria oil imports fell by 20.5 percent, as $1.837 billion, about N560.91 billion, was expended on the import of the commodity, compared to $2.31 billion, about N705.47 billion recorded in the second quarter of 2017.
The CBN described revenue is an inflow of resources or money into the government sector from other economic units and sectors, stating that it includes all non-repayable receipts and grants and is divided into current and capital.
According to the apex bank, while current revenue comprises tax and non-tax receipts within a given period, capital revenue are receipts from non-financial assets used in the production process for more than one year.
It also described expenditure as an outflow of resources from government to other sectors of the economy whether requited or unrequited, adding that it is divided into recurrent and capital expenditures.
It also stated that recurrent expenditures are payments for salaries and overheads, capital expenditures are payments for non-financial assets.