Three major revenue-generating agencies in Nigeria deducted a total of N533.11bn as costs of revenue collection in the first seven months of 2024, according to findings by The PUNCH.
The agencies include the Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission.
This figure, derived from the Federation Accounts Allocation Committee reports published by the National Bureau of Statistics, marks a substantial increase of 99.85 per cent compared to the N266.75bn recorded in the corresponding period of 2023.
The FIRS and NUPRC deducted about four per cent of the cost of revenue collection, while the NCS received seven per cent.
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.
Among the three revenue-generating agencies, the FIRS deducted the…