GTB 737 banner Yudala banner

Customs, FIRS, DPR share N142 billion

By News Express on 24/07/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 689


Three major revenue collecting agencies of the Federal Government have shared a total of N142.6 billion between June 2015 and May 2016. This is the cost of revenue collected by the Nigeria Customs Service (NCS), the Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR).

In an investigation by the Economic Confidential from its published monthly Federation Account Allocations, the Federal Inland Revenue Service raked in a total sum of N85.94 billion between June 2015 and May 2016, which is four percent of the total sum of its collection into the federation Account. It is followed by the Custom with the sum of N35.78 billion which was seven percent of the total revenue it collected for the federation, while the DPR got N20.88 billion which is four percent of its collected revenue within the period under review.

The Economic Confidential investigation further reveals that the total cost of collection of FIRS in the first year of Buhari’s administration which was N85.94 billion is higher than the combination of what NCS and DPR received which amounted to N56.66 billion.

Most of the highest cost of collections shared by the revenue collecting agencies were made in 2015, while the lowest disbursements were made in 2016. For instance, within the period the highest cost of collection received by FIRS was N23 billion in July 2015; that of NCS was N3.5 billion in November 2015 and that of DPR was N2.5 billion in July 2015.

Meanwhile, the lowest cost of collections received by FIRS was N4.2 billion in April 2016, that of NCS was N1.1 billion in May 2016 and DPR was also N1.1 billion in March 2016.

The three federal revenue collecting agencies are the beneficiaries of special allocations from the Federation Account of the Cost of Collection as incentives for their revenue drive. The NCS receives seven percent of the monthly revenue it generates for the federation from import duty, excise duty, fees, CET on special levy, Customs Penalty Charges and auction sales. The FIRS receives four percent of the monthly revenue it generates from Value Added Tax (VAT), Petroleum Profit Tax (PPT) on Oil and Gas, Company Income Tax, Personal Income Tax and other taxes while the DPR receives four percent of monthly revenue it generates from royalties on crude oil and gas concessions, rentals, gas flaring penalties, among others.

The collecting agencies do not feature in the Federal Government budgeting process as their operations are funded from the percentages of the revenues they collect for the Federation Account.

•Photo shows Finance Minister Kemi Adeosun.

Source News Express

Posted 24/07/2016 9:49:45 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Delta working to eradicate illiteracy, says Utuama

EFCC arraigns hospital clerks for N3.2m fraud

NIMASA confirms Haruna Jauro’s appointment as new Acting...

New twists in Ibori’s case; appeals against conviction,...

Celebrate with caution, Corps Marshal Oyeyemi admonishes Nigerians...

Ganduje condemns murder of Igbo trader in Kano...

Expect clouds, rains and thunderstorms today: NiMET

Buhari cancels visit to Cross River

African Union Panel of the Wise, COMESA elders...

“Mbaise Catholic priest rejected appointment as Bishop” •Why...

No evidence of Islamic State terrorists operating in...

Real reason Ndume was sacked as Senate Majority...

 

Latest News Cultists murder 2 brothers for failing to produce sibling for initiation •Family lives in fear Air Force bombers scatter gathering of insurgents, set structures on fire Nigeria to take on Argentina in friendly in Russia Nov. 14 250,000 Nigerian women die of cancer annually Southern Governors meet in Lagos 21,650 write UI post-UTME exam Shehu Sani dares Buhari to include cabals in lists of looters Africa’s vision getting close to reality — UN General Assembly President Being Aare Ona Kakanfo doesn’t mean I’ll die early, says Gani Adams Buhari directs Ministry to convene summit on education Coronation anniversary: Obaseki salutes Oba Ewuare II, lauds inspiring partnership with govt It will be a cloudy Sunday but with sunny conditions up North, says NiMet

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (287,769 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (270,446 views) Shameless Genevieve Nnaji exposes breasts in public (218,347 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (183,778 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,497 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (162,196 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (140,580 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,738 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,654 views) Lagos plane crash: Journalist releases victims’ names (114,189 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (112,168 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,533 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,731) Business Verdict (24) Columnists (757) Complaints & Requests (93) Enterprise & Opportunities (183) Entertainment (396) Features (497) Global Business Monitor (187) International (1,584) Interviews (134) Live Commentary (28) Love Matters (79) News (29,520) Opinion (826) Pidgin (8) Politics (3,989) Religion (645) Sports (1,339) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

#MonkeyPox outbreak

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!