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.
