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FCT businesses have recorded a sharp drop in revenue.
FIRS, NCS, NUPRC Experience 131% Surge in costs of Revenue Collection
.The Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have experienced a 131% increase in their cost of revenue collection for the first quarter of 2024.
This analysis, based on the Federation Account Allocation Committee (FAAC) disbursements reports published by the National Bureau of Statistics (NBS), shows that these agencies collectively received N214.29 billion in Q1 2024, up from N92.85 billion in the same period the previous year.
The FIRS and NUPRC deduct about 4% of the cost of revenue collection, while the NCS receives 7%.
The cost of collection is usually deducted at the monthly FAAC meeting before the federally collected revenues are shared with the three tiers of government and other statutory recipients.
Nigerian Customs Service (NCS): The NCS witnessed a more than twofold increase in its cost of collection, soaring from N29.92 billion in Q1 2023 to N59.85 billion in Q1 2024.
This 100.18% rise suggests enhanced revenue collection activities, likely driven by improved border control measures or a surge in import and export activities.
Federal Inland Revenue Service (FIRS): The FIRS reported a significant 115.53% increase in its collection costs, rising from N46.60 billion in Q1 2023 to N100.40 billion in Q1 2024.
This substantial growth reflects expanded tax collection efforts, potentially due to better tax compliance measures and increased economic activities.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC): The NUPRC saw the most dramatic rise, with its cost of collection increasing by 230.68%, from N16.34 billion in Q1 2023 to N54.05 billion in Q1 2024.
This surge indicates intensified regulatory activities in the upstream petroleum sector, possibly driven by new oil field discoveries and increased crude oil production.
In January 2024, the total cost of collection for the three agencies was N78.30 billion, a 129.98% increase compared to January 2023’s N34.05 billion.
February’s total collection cost was N66.46 billion this year, a 142.16% increase from N27.45 billion in February of the previous year. The agencies continued their efforts to improve revenue collection and compliance.
March saw a total collection cost of N69.54 billion, marking a 121.81% increase from N31.35 billion in March 2023, highlighting ongoing enhancements in revenue collection mechanisms and regulatory oversight.
SOURCE; Nairametrics
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