Three major revenue collecting agencies of the federal government have shared a total of N142.6 billion between June 2015 and May 2016.
This is the cost of revenue collected by the Nigeria Customs Service, NCS, the Federal Inland Revenue Service, FIRS, and the Department of Petroleum Resources, DPR.
President Muhammadu Buhari In an investigation by the Economic Confidential from its published monthly Federation Account Allocations, the Federal Inland Revenue Service raked in N85.94 billion between June 2015 and May 2016, which is four percent of the total sum of its collection into the federation Account. It is followed by the Nigeria Custom Service with the sum of N35.78 billion which was seven percent of the total Revenue it collected for the federation, while the Department of Petroleum Resources, DPR, got N20.88 billion which is four percent of its collected revenue within the period under review.
The investigation further revealed that the total cost of collection of FIRS in the first year of Buhari’s administration, which was N85.94 billion, is higher than the combination of what NCS and DPR received which amounted to N56.66 billion.
Most of the highest cost of collections shared by the revenue collecting agencies were made in 2015, while the lowest disbursements were made in 2016. For instance, within the period, the highest cost of collection received by FIRS was N23bn in July 2015; that of NCS was N3.5bn in November 2015 and that of DPR was N2.5bn in July 2015.
Meanwhile, the lowest cost of collections received by FIRS was N4.2bn in April 2016, that of NCS was N1.1bn in May 2016 and DPR was also N1.1bn in March 2016. The three federal revenue collecting agencies are the beneficiaries of special allocations from the Federation Account as incentives for their revenue drive.