FIRS, others’ revenue collection cost rises by 49%, hits N329bnÂ
The cost of revenue collection by key revenue-generating agencies of the Federal Government rose by N108.98bn between 2019 and 2021, according to findings by the PUNCH. Specifically, data from the National Bureau of Statistics revealed that the Nigerian Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received an aggregate of N220.39bn as cost of collections in 2019. However, according to the latest reports released by the NBS on monthly Federal Account Allocation Committee Disbursements, the cost of collections by these revenue-generating agencies rose to N329.37bn in 2021. The difference in the collection cost recorded within the three-year period indicates a 49.4 per cent increase. In 2021, FIRS’ collection cost stood at N145.89bn, up by 42.58 per cent from N102.32bn recorded in 2019. The NCS recorded N100.03bn in 2021, representing a 58.15 per cent increase when compared to N63.25bn it received in 2019. DPR recorded N83.45bn in 2021, rising by 52.25 percent from N54.82bn recorded in 2019. Similarly, the revenue received by these agencies as cost of collection in 2021 was 43.9 per cent higher than the N228.77bn recorded in 2020.
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