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Tag: Revenue

  • FAAC: FG, States, LGs share N1.681 trillion revenue

    FAAC: FG, States, LGs share N1.681 trillion revenue

    The Federation Account Allocation Committee (FAAC), has shared N1.681 trillion, being April revenue among the Federal Government, states and the Local Government Councils (LGCs).

    This is acccording to a communiqué made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant- General of the Federation (OAGF).

    The communiqué said that the revenue was shared at the May meeting of FAAC on Friday in Abuja.

    It said that the N1.681 trillion total revenue comprised statutory revenue of N962.882 billion, Value Added Tax (VAT) revenue of N598.077 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.862 billion.

    It also comprised Exchange Difference of N81.407 billion.

    The communiqué indicated that the total gross revenue of N2,848.721 trillion was available in the month of April 2025.

    “Total deduction for cost of collection was N101.051 billion while total transfers, interventions, refunds and savings was N1066.442 billion.

    “Gross statutory revenue of N2.084 trillion was received for April, higher than the sum of N1,718.973 trillion received in March 2025 by N365.595 billion.

    “Gross revenue of N642.265 billion was available from VAT in April 2025. This was higher than the N637.618 billion available in March by N4.647 billion,” it said. .

    The communiqué said that from the N1.681 trillion total distributable revenue, the Federal Government received the sum of N565.307 billion and the state governments received total sum of N556.741 billion.

    “The LGCs received N406.627 billion, while the sum of N152.553 billion (13 per cent of mineral revenue) was shared to the benefiting State as derivation revenue,” it said.

    On the N962.882 billion distributable statutory revenue, the communiqué said that the Federal Government received N431.307 billion and the state governments received N218.765 billion, and the LGCs N168.659 billion.

    “The sum of N144. 151 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

    “From the N598.077 billion VAT revenue, the Federal Government received N89.712 billion, the state governments received N299.039 billion and the LGCs received N209.327 billion.

    “A total sum of N5.829 billion was received by the Federal Government from the N38.862 billion EMTL, the state governments received N19.431 billion and the LGCs received N13.602 billion,” it said.

    The communiqué said that in April, Petroleum Profit Tax, Oil and Gas Royalty, EMTL, VAT, Excise Duty, Import Duty and CET Levies increased significantly, while Companies Income Tax decreased considerably.

  • RMAFC seeks solutions to dwindling allocation

    RMAFC seeks solutions to dwindling allocation

    The Chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr Mohammed Shehu, has called for urgent need to address dwindling allocations for sustainable revenue generation.

    Shehu also called for effective collaboration among relevant  stakeholders for innovative revenue strategies to meet public service demands at all levels of government.

    He made the  call on Wednesday in Abuja, at a two-day training titled, “Optimising Revenue Generation, Budgeting Process and Good Governance”.

    The RMAFC chairman said that the commission’s constitutional mandate was to advise the three tiers of government on fiscal efficiency and revenue enhancement.

    He said that strengthening revenue generation was no longer an option but a necessity for economic stability and sustainable development.

    According to him,  the training is designed to equip government officials and stakeholders with necessary knowledge and skills to improve revenue mobilisation, budgeting and fiscal  management.

    He acknowledged the importance of strong partnerships with various stakeholders and efficient fiscal management in enhancing revenue generation.

    He said that the programme would provide a platform for participants to engage with experts and explore best practices in revenue optimisation.

    “We must move beyond traditional revenue sources and explore new frontiers to boost fiscal sustainability.

    “At the end of this training, participants are expected to have a deeper understanding of revenue generation challenges and opportunities.

    “The training will help them to acquire practical skills in revenue mobilisation and management and develop strategic partnerships to enhance revenue generation,” he said.

    Shehu said that the participants would also be able to identify innovative solutions to address revenue shortfalls by leveraging areas of comparative advantage.

    He urged all stakeholders to take full advantage of the training, emphasising that achieving fiscal sustainability requires proactive measures, collaboration and a commitment to good governance.

  • Benue gov, Alia’s aides disagree over revenue collection

    Benue gov, Alia’s aides disagree over revenue collection

    Aides of Gov. Hyacinth Alia of Benue have been enmeshed in serious disagreement over who should collect revenue in the State Ministry of Education.

    The Commissioner of Education and Knowledge Management, Rev. Frederick Ikyaan, and the Director General (D-G) Bureau for Education Quality Assurance (BEQA), Dr Terna Francis, are at the centre of the squabble.

    In a series of letters exchanged between the two top aides, they all insisted on the collection of the revenue on behalf of the government.

    Kyaan, in a letter to education stakeholders titled “Strong Directive” and signed by the Permanent Secretary, Mrs Helen Nambativ, categorically told the schools not to conduct any financial transaction with the bureau.

    He also directed the stakeholders to resist every attempt by BEQA staff to confiscate the federal and Benue governments approved school records.

    “The Ministry of Education has been inundated with complaints of seizures of government-approved records contrary to its directives, which were in line with the 2024/2025 budget, the ministry defended.

    “In view of the above, I have been directed by the honourable commissioner to cautiously inform you that the Ministry of Education has at no time mandated BEQA to collect her revenue.

    “That henceforth, you are strongly cautioned not to transact financial deals with BEQA. You are to resist every attempt by BEQA staff to confiscate the federal and Benue State governments approved school records,” the letter reads.

    However, in response to the ministry’s letter, the BEQA director general stated categorically that the bureau was not under the Ministry of Education and Knowledge Management.

    Francis, in his letter titled “Re: Strong Directive,” said the bureau was established by the governor through an executive order issued on December 8, 2023, published and gazetted in the same year.

    He said that according to the order, existing Quality Assurance Departments/Directorates under the ministry, along with other departments performing quality assurance functions within the Benue education sector, shall be merged into BEQA, which would continue to carry out its functions.

    “Let it be made abundantly clear that BEQA is not under the Ministry of Education, and the director general is directly answerable to the office of the governor.

    “BEQA, being a bureau, has a separate budget, distinct from that of the ministry. It is established as an independent body to curb corruption, reduce bureaucratic bottlenecks, and ensure effectiveness in monitoring and evaluation towards an upliftment of education standards.

    “BEQA is empowered to maintain appropriate policies pertaining to quality assurance.

    “No one is contesting the position of the ministry on policy matters affecting the state. There are six other departments and many parastatals in the ministry with so many other broad responsibilities.

    “It is only the department of quality assurance that has been taken away. There is still so much the ministry can focus on doing to improve education in the state,” he stated in his letter.

    Francis said that the executive order also empowered BEQA to produce and circulate all school records and guidelines.

    “It is essential to understand that when a governor makes a public pronouncement or issues an executive order, public servants and all responsible are expected to comply without challenge.

    “Executive orders are official documents and laws that outline the policies, procedures, or actions the governor wishes to implement.

    “Challenging or attempting to alter an executive order can lead to serious consequences,” he added.

  • Nigeria Customs exceeds 2024 revenue target by 20.2%

    Nigeria Customs exceeds 2024 revenue target by 20.2%

    The Nigeria Customs Service (NCS) says it has exceeded its 2024 revenue target of ₦5.1 trillion by 20.2 per cent.

    The Comptroller-General (C-G) of NCS, Adewale Adeniyi, disclosed this while briefing newsmen on Tuesday in Abuja.

    Adeniyi said that NCS recorded a total revenue of ₦6.1 trillion in 2024, surpassing its target by ₦1.03 trillion.

    He described the achievement as significant, representing an increase of 90.4 per cent from its 2023 collection of ₦3.2 trillion.”

    “This growth is historic as it marks the highest year-on-year increase recorded by the service in recent times. It surpassed the 52.24 per cent growth recorded in 2022 by 38.18 per cent,” he said.

    He said the NCS recorded another milestone in October 2024, achieving its highest monthly collection in the history of the service of ₦603 billion.

    According to the C-G, the total revenue collected for 2024 is categorised into three main components.

    “The components include federation account collections, which amount to ₦3.66 trillion; non-federation account levies, ₦816.90 billion; and Value-Added Tax (VAT), ₦1.63 trillion.

    “It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling ₦1.68 trillion.

    “These concessions comprised ₦723 billion in import duty waivers, ₦372.7 billion in other levy concessions, and ₦586.7 billion in import VAT relief.

    “These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.

    “Notably, the 2024 concession value represents a significant reduction from the ₦3.96 trillion recorded in 2023,“ he said.

    The C-G explained that the reduction was the result of enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession-granting process.

    Adeniyi stated that the move was aimed at ensuring that only genuine and qualified enterprises benefit from these incentives.

    The C-G said that the Federal Government has set a target of ₦6.58 trillion in revenue generation for the service in 2025, due to their performance in 2024.

    “The target that reflects both the government’s confidence in our capabilities and the expanding scope of our operations.

    “We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities,“ he said.

    According to him, the service priorities for 2025 will focus on the full deployment of its trade modernisation initiatives, including the nationwide rollout of its new Unified Customs Management System software, B’Odogwu.

    The software, inaugurated in 2024, aims to boost trade facilitation by automating operations and aligning with international standards.

    He said that the NCS would complete the implementation of its Authorised Economic Operator (AEO) programme in 2025 and enhance its risk management and enforcement capabilities through technology integration.

    He added that it would operationalise the Nigeria Customs Service University for Trade and Technology, strengthen international partnerships, and enhance trade facilitation initiatives under the African Continental Free Trade Area framework.

    Adeniyi said that the service would implement and roll out a robust corporate social responsibility strategy that aligns with the pillars of the presidential priority areas and the sustainable development goals.

  • FG, States, LGs share N1.727trn FAAC revenue

    FG, States, LGs share N1.727trn FAAC revenue

    The Federation Accounts Allocation Committee (FAAC), has shared N1.727 trillion among the Federal Government, states, and Local Government Councils (LGCs) for November.

    This is contained in a communiqué issued after the FAAC meeting on Thursday in Abuja.

    According to the communiqué, the N1.727 trillion total distributable revenue comprised statutory revenue of N455.354 billion.

    It also comprised distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.

    The communiqué indicated that total gross revenue of N3.143 trillion was available in the month of November.

    “Total deduction for cost of collection was N103.307 billion, while total transfers, interventions, and refunds was N1.312 trillion,” it said.

    It said that gross statutory revenue of N1.827 trillion was received for the month of November.

    “This is higher than the sum of N1.336 trillion received in the month of October 2024 by N490.339 billion.

    “Gross revenue of N628.972 billion was available from the VAT in November. This was lower than the N668.291 billion available in the month of October by N39.318 billion ” it said.

    The communiqué said that from the N1.727 trillion total distributable revenue, the Federal Government received the total sum of N581.856 billion, and the state governments received N549.792 billion.

    “The LGCs received the sum of N402.553 billion, and a total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    On the N455.354 billion statutory revenue, the communiqué said that the Federal Government received N175.690 billion, and the state governments received N89.113 billion.

    It said that the LGCs received N68.702 billion, and the sum of N121.849 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

    “From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, the state governments received N292.850 billion, and the LGCs received N204.995 billion.

    “A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion EMTL. The state governments received N7.523 billion, and the LGCs received N5.266 billion,” it said.

    It said that in November, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL decreased considerably.

  • Delta transport ministry records 163.9% revenue increase

    Delta transport ministry records 163.9% revenue increase

    The Delta Directorate of Transport says it recorded a revenue of N146.6 billion between January and October 2024 as against N55.4 billion recorded in 2024.

    The Commissioner for the directorate, Mr Onoriode Agofure disclosed this while defending the directorate’s 2025 budget before the House of Assembly Committee on Transport on Thursday in Asaba.

    Agofure said that the figure represented 163.9 per cent. He noted that the increase was through the engagement of consultancy services on behalf of the directorate.

    The commissioner also disclosed that the directorate’s 2025 budget would focus on the policy thrust and objectives of the current administration.

    On some of the highlights of the 2025 budget, the commissioner said that the directorate was earmarking the sum of N250 million for road traffic and warning signs.

    Agufure also said that the directorate was embarking on construction/rehabilitation of jetties in the state.

    He noted that the jetties when conpleted would help to boost the infrastructural development of the rural areas.

    Responding, the Chairman of the Committee, Mr Festus Okoh said that the budget defence meeting was one of the oversight functions of the Assembly.

    Okoh (PDP-Ika South) urged the directorate to see the meeting as a friendly interaction where the members of the committee and the management of the directorate could rob minds.

    ”We are not here to witch hunt anybody and we are not here for tales, but we are here for you to give us figures,” he said.

  • How FG, States, LGs shared N1.411trn October FAAC allocation

    How FG, States, LGs shared N1.411trn October FAAC allocation

    The Federation Accounts Allocation Committee (FAAC) has shared N1.411 trillion among the Federal Government, States and  Local Government Councils (LGCs) for October.

    This is according to a communiqué from FAAC made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation on Wednesday in Abuja.

    The communiqué said that the revenue was shared at the November meeting of FAAC held in Bauchi State and chaired by the Accountant-General of the Federation, Oluwatoyin Madein.

    The FAAC meeting was held after the 2024 National Council on Finance and Economic Development (NACOFED) hosted by the Bauchi State Government.

    According to the communiqué, the N1.411 trillion total revenue comprised statutory revenue of N206.319 billion, and Value Added Tax (VAT) revenue of N622.312 billion.

    It also comprised Electronic Money Transfer Levy (EMTL) revenue of N17.111 billion and Exchange Difference revenue of N566 billion.

    “A total gross revenue of N2.668 trillion was available in the month of October.

    “Total deduction for cost of collection was N97.517 billion while total transfers, interventions and refunds was N1.159 trillion,” it said.

    It said that gross statutory revenue of N1.336 trillion was received for the month of October.

    “This was higher than the sum of N1.043 trillion received in the month of September by N293.009 billion,” it said.

    It said that gross revenue of N668.291 billion was available from VAT, which was higher than the N583.675 billion available in the month of September 2024 by N84.616 billion.

    The communiqué said that from the N1.411 trillion total revenue, the Federal Government received the sum of N433.021 billion, and the state governments received N490.696 billion.

    It said the LGCs received N355.621 billion, and  N132.404 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

    On the N206.319 billion distributable statutory revenue, the communiqué said that the Federal Government received N77.562 billion and the state governments received N39.341 billion.

    “The LGCs received N30.330 billion, and the sum of N59.086 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

    It said that oil and gas royalty, excise duty, VAT, import duty, petroleum profit tax, and companies income tax increased significantly while EMTL and Common External Tariff (CET) levies decreased considerably.

  • Customs projects 10% increase in 2025 revenue

    Customs projects 10% increase in 2025 revenue

    The Nigeria Customs Service (NCS), says it is projecting a ten per cent increase in its 2025 revenue, its Comptroller-General (C-G), Adewale Adeniyi has said.

    The NCS’s boss disclosed this in his remarks at the Comptroller General of Customs (CGC) Conference on Thursday in Abuja.

    He said that the NCS has met its targets accross all boards, but would continue to strive to achieve greater heights.

    The C-G on Wednesday had announced that the organisation has hit its revenue target of N5.1 trillion on Tuesday, with more than a month remaining in the fiscal year.

    Adeniyi, however, said that it would be difficult to calculate the revenue for 2025 , as revenue of 2024 may hit N6 Trillion.

    ”We are likely to take this revenue to N6 Trillion. While our achievements this year have been remarkable, with performance exceeding the target across all boards, we must guide against complacency.

    “Our progress in trade facilitation requires sustained commitment and continuous improvement,” he said.

    He said that NCS was strengthening its free trade zone operations through key initiatives, which includes the implementation of strict operating procedures for monitoring mechanism.

    In response to feedback from stakeholders, he said Customs was making remarkable upgrades to its infrastructure to reduce the number of checkpoints across major trade corridors.

    He said that the move involved deploying technology and intelligence in its operations to replace random checks.

    “I am happy to announce that our scanning capacity is set for significant enhancements under our new concessionaire. The service through the concessionary Trade Modernisation Project, will acquire 67 scanners with initial delivery of six before the end of 2024,” he said.

    The Customs boss urged participants of the conference to engage with the Nigeria’s trade policy review released on Tuesday in Geneva, and published on the World Trade Organisation website.

    He explained that the document would provide valuable insights into the progress of the NCS, adding that their understanding and feedback will enhance their contributions to the recommendations they will propose at the conference.

    The theme of the CGC conference is NCS: Engaging Traditional and New Partners with Purposes’. The conference which started on Tuesday would end on Friday.

  • Mining cadastre’s revenue hits N8.1bn

    Mining cadastre’s revenue hits N8.1bn

    The Director-General (D-G) of Nigeria Mining Cadastre Office (MCO), Obadiah Nkom, says the office has generated N8.1 billion revenue since January.

    Nkom disclosed this while welcoming the Senate Committee on Solid Minerals led by its Chairman, Sen. Sampson Ekong, on an oversight visit to the NMCO headquarters on Monday in Abuja.

    He described the revenue as a record-breakimg achievement, marking a substantial rise in earnings for the agency. He said that the surge reflected the country’s strengthened commitment to diversifying its economy through the solid minerals sector and improving its mining sector’s regulatory framework.

    The D-G attributed the increase in revenue to enhanced transparency, enforcement measures, and digitalisation that streamlined the licensing and revenue collection processes.

    He said that the ongoing initiatives to enhance transparency, reduce processing times, and ensure equitable mining rights distribution, also contributed to the agency’s record earnings.

    “Revenue generated by the office from inception to date is N36.048 billion.100 per cent of revenue generated is remitted to the Federal Government Treasury Single Account (TSA).

    “Revenue generated from 2019 – October, 2024, N26.230 represents 75 per cent of revenue generated. Revenue generated from 2023 to October 2024 is N13.194 bIllion.

    “This represents an increase of 63 per cent over N8.094 billion generated in the corresponding period from, 2021 to Sept. 2022,” Nkom said.

    He briefed the committee on the Cadastre’s role in overseeing the issuance of mining licenses and permits, as well as its efforts to streamline operations within the industry. He listed some of the challengesacn the cadastre to include inadequate funding and in adequate office space.

    “This premises is housed by a part of the World Bank. We are renting the building, and we have been having many issues of paying the rent. These are the only two places that we have.

    “The other one, of course, is rented and even this place is very congested by the time we now go around. The challenges are just numerous,” he said.

    He said that the MCO worked with all the law enforcement agencies to ensure that cadastre was secure. He, however, said that there were quite a number of litigations going on.

    “I want to inform this distinguished committee that we have had litigations since the inception of the mining cadastral, and we have had almost 100 per cent successes in our litigations,” he said.

    Earlier, Ekong said that the visit was aimed at enhancing transparency and accountability in the country mining sector. He said that the visit was essentially to ensure that the NMCO fulfilled its obligations in alignment with federal guidelines, enhancing the mining sector’s contribution to Nigeria’s economy.

    “Insights from this visit have been valuable, and we will examine the reform processes. Strengthening the sector will require effective collaboration and reform. We have taken note of the issues raised, and our focus is to add value and transparency to this sector,” the senator said.

    He said that the committee would review the documentation provided by the NMCO and pledged continued support for the Cadastre. He stressed the importance of synergy between regulatory bodies to fully maximise Nigeria’s mining potential.

    The Senate committee’s oversight visit was aimed at evaluating the cadastre’s adherence to regulatory standards. It was also aimed at reviewing its operational efficiency, and identifying potential areas for improved resource management.

  • Katsina generates over N2bn revenue in Sept

    Katsina generates over N2bn revenue in Sept

    The Katsina State Government says it has generated N2.024 billion as Internal Generated Revenue (IGR) in September.

    This is contained in a statement on Friday by Alhaji Sada Shu’aibu, Director, Corporate Communication of the State Internal Revenue Board.

    The director quoted the Executive Chairman of the board, Alhaji Muhammad Isiyaku as saying this in Katsina.

    The chairman recalled that the board had generated N1.80 billion in July and N1.85 billion in Aug.

    He described the feat as impressive, linking it to the blocking of leakages and the introduction of the Central Billing System by the state government.

    Isiyaku said that the feat would be maintained to ensure that the state  government gets enough funds to execute people-oriented projects in the state.

    He further pledged the state government’s determination to generate improved IGR for the state.

    Commending Gov. Dikko Radda for his support, Isiyaku also appreciated the state Ministry of Finance, Budget and Economic Planning, and other relevant MDA’s for their cooperation.

    Isiyaku also urged the staff of the revenue agency to work tirelessly to achieve the objectives of the board.

    He, however, cautioned them against engaging in fraudulent activities, as anybody found wanting would be sanctioned, accordingly.

    Isiyaku recalled that when he came on board in Nov. 2023, the IGR was between ₦700 and 800 million, but by July 2024, about N1.85 billion was generated.