Fidelity bank banner Bayelsa State banner
Customs, FIRS, DPR share N142 billion

By News Express on 24/07/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,020


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 Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Nigerian passenger dies inside US-bound plane

Buhari to address the nation as Nigeria turns...

African pastor murdered in Berlin

Trouble ahead as US Government shuts down •The...

INEC swears in 7 new RECs

Madumere hails Buhari’s declaration of June 12 as...

Irate protesters chase away visiting president

AVIATION AND ASSOCIATED IMPUNITY

Buhari signs amended Crime Prevention Act, 7 other...

Jega clears the air on card readers

Kenya deports music star Koffi Olomide over airport...

Ijaw communities protest Appeal Court verdict in $1.5bn...

 

Latest News Late winner revives Germany World Cup hopes Certificate forgery: Pro-Democracy activists drag Buhari to court •Allege impeachable offences Why Abaribe was arrested — Counsel APC changes slogan from ‘Change’ to ‘Progress’ Lawmakers, Bishop kick against FG plan to establish cattle ranches Anambra Police apologises as Inspector kills 38 years old woman •Blames accidental discharge Army wipes out 20 armed bandits in Zamfara, arrests 3 New political party targets recruitment of 10,000 members monthly 2019: Obasanjo visits Bode George, other Yoruba leaders Monarch’s death: Enugu Govt. sets up judicial panel of inquiry INEC rules out electronic voting in 2019 Benue killings: NAF deploys 1,000 troops, 300 Special Forces

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,986 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,816 views) Shameless Genevieve Nnaji exposes breasts in public (280,914 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,557 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,404 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,330 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,202 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,393 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,113 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,989 views) Lagos plane crash: Journalist releases victims’ names (144,161 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,884 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,266) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (507) Features (607) Global Business Monitor (284) International (2,052) Interview (155) Live Commentary (28) Love Matters (124) News (36,446) Opinion (1,005) Pidgin (10) Politics (5,329) Religion (772) Sports (1,562) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigeria vs Iceland 2-0 All Goals & Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement