Receipts into the federation account grew by 7.48 percent to N6.86 trillion in the third quarter of 2024. This is according to the latest Economic Report by the Central Bank of Nigeria.
According to the report, the increase in the gross federation account earnings was driven by higher receipts from corporate tax and value-added tax. The non-oil revenue was N5.56tn, as oil revenue made up the balance.
Also Read: We recovered N10.9bn VAT, blocked N5.8bn fund diversion in one year, says ICPC
The apex bank also said that in the quarter under review, oil revenue, however, fell by 24.72 percent to N1.30tn, relative to the level in Q2 2024 on account of lower receipts from petroleum profit, taxes, and royalties.
Leave feedback about this
You must be logged in to post a comment.