In spite of the improvements in technology which have made the process of revenue collection much easier, Nigeria is still spending billions of naira each month as the cost of revenue collection.
An analysis based on the Federation Account Allocation Committee (FAAC) disbursement reports, published by the National Bureau of Statistics (NBS), shows that the three revenue-collecting agencies: the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), received a combined sum of N463.576 billion out of the N12.128 trillion revenue they collected in the first six months of 2024.
A breakdown of the figures shows that in January 2024, out of the total revenue of N2.068 trillion, the cost of collection was N78.30 billion; in February, out of a total revenue of N2.326.149 trillion, the cost of collection was N66.46 billion; and in March, with…
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