Nigeria’s revenue-collection agencies—the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC)—shared the sum of N214.29 billion as the cost of revenue collection in the first quarter of 2024. An Abuja-based think tank, Agora Policy, had earlier reported that the N43 billion cost of collection received by the FIRS in January exceeded what each state got from the Federal Account Allocation Committee (FAAC) revenue. According to the Agora report, the issue with the cost-of-collection arrangement is not just the agencies collecting more revenue, but the disproportionate allocation at the expense of states facingThe post Cost of revenue collection gulps N214.29bn in Q1 2024 appeared first on Guardian Nigeria News.
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