According to a new report by BudgIT, a civic-tech organisation, 32 out of Nigeria’s 36 states have relied on allocations from the Federation Account Allocation Committee (FAAC) for at least 55% of their total revenue in 2023. 

The Chairman, Presidential Committee on Fiscal Policy and Tax Reform, Mr. Taiwo Oyedele, has said Nigeria is not broke but facing the consequences of revenue leakages. 

Three Major FG Agencies Spend N533bn on Revenue Collection   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. The agencies include the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and...

Apapa Customs Raked in N1.6trn Revenue in Q3   The Nigeria Customs Service, Apapa Area Command, said it collected N1.6tn as revenue at the end of the third quarter of 2024. It added that the revenue was higher than N1.2tn, which was collected as total revenue in...

DisCos’ Revenue Rises by 40% to N433bn   Revenues earned by electricity Distribution Companies (Discos) in Nigeria in the second quarter of 2024, spanning April to June, rose almost 40 per cent to N433 billion during the period, on the back of the recent tariff increase...

'FG Spending Exceeds Revenue by 225%' A report by BudgIT, an accountability firm, has revealed that the Federal Government spent three times its revenue in 2023, resulting in a deficit of N13.50tn. In its analysis of the 2023 fiscal accounts from the Office of the Accountant-General...