The cost of revenue collection by Nigeria’s key agencies – the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) – continued to rise despite improved technology that has aided efficiency, hitting N924.7 billion last year.
NCS receives seven per cent of customs levies and duties while FIRS gets four per cent of non-oil taxes. NUPRC also receives four per cent of royalties, signature bonus, fines and other oil and gas revenues.
The three agencies jointly received a total of N924.73 billion as cost of revenue collection between January and November 2024.
Analysis of the monthly Federation Account Allocation Committee (FAAC) disbursements during the period showed that N924.73 billion was disbursed to the agencies in the period. The amount represents 2.51 per cent of the total of N36.952 trillion collected by the…
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