In an unexpected twist, Nigeria’s key revenue-generating agencies – the Customs Service, FIRS, and NUPEC – jointly claimed N53.5 billion in November as the cost of revenue collection.
The Federation Account Allocation Committee, based on NBS data, dispersed a hefty N1.35tn in November 2023 to all tiers of government, breaking down to N323.35bn for the Federal Government, N307.72bn for the states, and N225.21bn for local governments.
“This distribution reflects a strategic approach to meet our fiscal responsibilities,” noted a government spokesperson.
The breakdown includes N660.09bn from the Statutory Account, N262.89bn from Exchange Gain, N60.00bn from Non-Oil Revenue, N16.20bn from Electronic Money Transfer Levy, and N347.34bn from VAT.
Oil-producing states, receiving N50.67bn through the 13% derivation fund in November, continue to play a crucial role.
NBS data also revealed that the nine oil-producing states collectively secured N544.9bn through the 13% derivation formula in the first half of the year, emphasizing the ongoing economic significance of these regions.
Customs Service, FIRS, NUPEC Share N53.5bn For Revenue Collection Costs, FAAC Reveals
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