Tag: Revenue

FG set for revenue boost, as revenue surges to $113/b

Aminu Imam
FG set for revenue boost

…Above Brent’s $96/b Nigeria’s revenue from crude oil is set to get a major boost, as its crude grades hit $113 per barrel yesterday, way above the international Brent’s $96 per barrel. As of 9:54a.m WAT, market data showed that Nigerian crude grades, Brass River and Qua Iboe, sold for $113.82 and $113.72 per barrel, respectively. On the other hand, Brent was sold for $96.54 per barrel, gaining just $1.61 (1.70%) from the last trading session on Wednesday. The development comes as Minister of Finance, Wale Edun, on Wednesday, on…

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Revenue remittances: FG orders forensic audit of NNPCL, NUPRC 

Aminu Imam
FG orders audit

The Federal Government has launched a comprehensive forensic audit of past revenue collections by key agencies in the oil and gas sector, including the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The investigation, which will also cover the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other operators, is designed to recover any outstanding sums due to the Federation following President Bola Tinubu’s recent Executive Order mandating the direct remittance of all oil and gas revenues into the Federation Account. According to…

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FAAC shares ₦1.969tr December revenue to FG, States, LGs

Aminu Imam
FAAC allocation

The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.969 trillion as Federation Account revenue for December 2025 among the Federal Government, state governments and local government councils. The allocation was disclosed in a statement issued by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, following the January 2026 FAAC meeting held in Abuja. According to the statement, the total distributable revenue comprised ₦1.084 trillion in statutory revenue, ₦846.507 billion from Value Added Tax (VAT), and ₦38.110 billion…

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₦30tr hole in FG finances: “Actual 2025 revenue is ₦10.7tr, not ₦40.8tr” – Edun tells Senate

Aminu Imam
Edun on FG finances

A major fiscal contradiction has emerged at the heart of Nigeria’s 2025 Budget, as Finance Minister and Coordinating Minister of the Economy, Wale Edun, disclosed to the Senate that the Federal Government’s actual cash revenue for the year stands at about ₦10.7 trillion, far below the ₦40.8 trillion earlier projected – and publicly declared as achieved – by President Bola Ahmed Tinubu. Edun made the revelation during an interactive session with the Senate Committee on Finance, while defending the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) just days…

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TSA storm erupts, as FIRS adds Xpress Payments to revenue gatekeeping 

Aminu Imam
Atiku on TSA

…Atiku demands agent’s role suspended for scrutiny Nigeria’s fiscal space was thrown into turmoil on Friday after the Federal Inland Revenue Service, (FIRS), quietly named Xpress Payment Solutions Limited as a new Treasury Single Account (TSA) collecting agent – a move that immediately sparked political uproar, public concern, and accusations of a creeping revenue cartel. The tax agency confirmed that Xpress Payments has been integrated into the TaxPro Max portal, allowing taxpayers to remit CIT, VAT, WHT and other statutory payments through the XpressPay platform, or via partner banks using…

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Revenue Shortfall: NASS sets up panel to probe ₦4tr indiscriminate waivers for MDAs

Aminu Imam
NASS sets up panel

The National Assembly Joint Committee on Finance has constituted a special committee to probe a shortfall of over ₦4 trillion revenue due to indiscriminate waivers by agencies of Government. The decision to set up a panel to probe the shortfall followed a motion moved by Senator Adamu Aliero during the hearing to probe the revenue profiles of Ministries, Departments, and Agencies, (MDAs), and Government-Owned Enterprises, (GOEs), ahead of the 2025 Budget. The hearing was to enable the 10th Senate and House of Representatives committees to develop accurate and realistic revenue…

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Google, Meta, X, others paid ?2.55tr taxes to FG in H1 2024 – NITDA

Aminu Imam
NITDA on Google, Meta, X

Google, Meta, X (formerly Twitter), TikTok, Microsoft and social media platforms operating in Nigeria, have paid ?2.55trillion ($1.5billion) in taxes to Federal Government in the first six month (H1) of 2024, the National Information Technology Development Agency, (NITDA), has said. NITDA, in an issued statement yesterday said data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) revealed that foreign digital companies, including interactive computer service platforms and Internet intermediaries operating in Nigeria, were now paying their taxes., saying this had led to significant increase…

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H/Reps uncovers over N32bn revenue leakages in NUPRC operations

Aminu Imam
H'Reps on revenue leakages

Summons CEO The Public Accounts Committee (PAC) of the Nigerian House of Representatives has revealed alarming revenue leakages totaling N32.15 billion within the Nigeria Upstream Petroleum Regulatory Commission, (NUPRC). The committee, chaired by Rep. Bamidele Salam, highlighted significant irregularities in the revenue generated for the federal government between 2015 and 2022, as documented in NUPRCs submitted report. During the committees recent session, it was disclosed that N909 million had been transferred directly into private accounts within Deposit Money Banks, bypassing the Treasury Single Account (TSA) protocols, a violation of government…

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Three FG agencies spend N533bn on revenue collection in 7 months

Aminu Imam
FG agencies

Three Nigerian revenue-generating agencies – Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC), deducted N533.11bn as costs of revenue collection in the first seven months of 2024. This marks a 99.85% increase from N266.75bn in the same period in 2023, according to reports from the Federation Accounts Allocation Committee (FAAC) published by the National Bureau of Statistics, (NBS). FIRS claimed the largest share with N254.82bn, followed by NCS with N147.64bn, and NUPRC with N130.64bn. The agencys higher collection costs are likely due…

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Tinubu moves to stop Customs, NPA, others from revenue collection

Aminu Imam
Bola Tinubu 4 780x470 1

President Bola Tinubu may bar revenue-generating agencies from collecting revenues on behalf of the Federal Government, as he plans to introduce a single agency Nigeria Revenue Service to handle the task. This came as the Federal Government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection. The reforms, designed to enhance the efficiency of collecting direct taxes, along with various levies that are imposed on behalf of the government, will bar the Nigerian Customs Service, Nigerian Ports Authority, (NPA), and 60 other revenue…

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