Nigeria’s government has rewarded three key revenue-generating agencies with N69.53 billion in April for their successful collection efforts.
The Nigeria Customs Service (NCS), the Federal Inland Revenue Service (FIRS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) all received financial allocations to cover their revenue collection costs.
A breakdown of the compensation for revenue collection showed that the Nigeria Customs Service (NCS) was granted N23.53 billion and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was allotted N15.87 billion.
In April, the Federation Account Allocation Committee (FAAC) disbursed a total of N1.87 trillion to the three tiers of government in April 2024.
This disbursement is derived from the total revenue generated in March 2024, according to the latest data from the National Bureau of Statistics (NBS).
The disbursed amount includes N1.02 trillion from the Statutory Account, N285.52 billion from Exchange Gain, N15.37 billion from the Electronic Money Transfer Levy (EMTL), and N549.70 billion from Value Added Tax (VAT).
The breakdown of the allocations for April 2024 is as follows:
●》Federal Government: N345.89 billion
●》State Governments: N398.69 billion
●》Local Governments: N288.69 billion
Additionally, oil-producing states received a total of N90.12 billion from the 13% derivation fund.
This distribution highlights Nigeria’s ongoing commitment to equitable allocation of national revenue to various tiers of government, ensuring financial stability and promoting economic growth across the country.
Customs, FIRS, and NUPRC earned N69.53 bln from revenue collection fees in April ~NBS
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