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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 the revenue collected by the Nigeria Customs Service (NCS), the Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources(DPR).
In an investigation by the Economic Confidential from its published monthly Federation Account Allocations, the Federal Inland Revenue Service raked in a total sum of 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 billionwhich was seven percent of the total Revenue it collected for the Federation, while the Department of Petroleum Resources got N20.88 billion which is four percent of its collected revenue within the period under review.
The Economic Confidential’s investigation further reveals 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 of the Cost of Collection as incentives for their revenue drive.
The Nigeria Customs Service (NCS) receives 7% of the monthly revenue it generates for the Federation from import duty, excise duty, fees, CET on special levy, Customs Penalty Charges and Auction Sales. The Federal Inland Revenue Service (FIRS) receives 4% of the monthly revenue its generates from Value Added Tax (VAT), Petroleum Profit Tax(PPT) on Oil and Gas, Company Income Tax, Personal Income Tax and other taxes and Department of Petroleum Resources (DPR) receives 4% of monthly revenue it generates from Royalties on crude oil and gas concessions, rentals, gas flaring penalties, among others.
The collecting agencies do not feature in the Federal Government budgeting process as their operations are funded from the percentages of the revenues they collect for the Federation Account.
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| Article Name | Customs, FIRS, DPR got N142bn as incentives in one year of Buhari’s administration |
| Description |
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| Author Name | Head Admin |
| Published On | 7/24/2016 |
| Post Category |
NEWS AND GOSSIP
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