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Nigeria's August gross revenues tick up on higher tax receipts

Published 18/09/2020, 14:05
Updated 18/09/2020, 14:06
© Reuters.

ABUJA, Sept 18 (Reuters) - Nigeria's gross revenues inched
up 0.8% in August to 682.1 billion naira ($1.79 billion) from
the previous month as a rise in VAT and corporate tax receipts
helped offset a drop in oil income, the government said.
It said oil revenue fell 2.2% to 531.8 billion naira, while
the value added tax (VAT), corporate tax and import duty
receipts increased. The government also said the balance of its
oil surplus savings account stood at $72.41 million as of Sept.
17.
OPEC member Nigeria relies on crude sales for two-thirds of
government revenue, which together with value added tax (VAT)
receipts make up the bulk of gross revenues.
In February, the government increased the VAT to 7.5% from
5% to boost revenues, seen among the lowest in the world, and
last month, the central bank unified its multiple exchange rates
to generate more naira from Nigeria's crude receipts.
The price of oil, Nigeria's main export, fell sharply early
this year as the coronavirus outbreak hit demand, cutting
government revenues, weakening the naira and blowing a hole in
government finances.
Global oil benchmark Brent LCOc1 has recovered from a
21-year low below $16 plumbed in April and crude prices ticked
up on Friday after Saudi Arabia pressed allies to stick to
production quotas. Still, subdued demand amid concerns about the global
economic outlook has been weighing on crude sales.
Nigeria is expecting World Bank's approval for a $1.5
billion budget loan, which has been delayed. = 380.70 naira)

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