It said, “Total federation receipts in the third quarter of 2021 at N2.85tn exceeded the level in the second quarter of 2021 by 11.5 per cent. However, it was below the quarterly benchmark of N3.07tn by 7.3 per cent.
“Propelled by improved oil revenue inflow, arising from strong oil market fundamentals in the preceding months, federally-collected revenue in October 2021 rose relative to September 2021.”
It said non-oil revenue accounted for 50.3 per cent of total federation revenue, while oil revenue made up the balance of 49.7 per cent.
The decline in non-oil revenue was attributed to a drop in major components, namely company income tax, customs and excise duties, value-added tax, and FGN independent revenue, with the largest decline in customs and exercise duties and FGN independent revenue sources.
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