He further explained that total deductions for cost of collection amounted to N123.546 billion.Â
It comprised distributable statutory revenue of N1.260 trillion, distributable Value Added Tax (VAT) revenue of N747.088 billion and augmentation of N250 billion.
Mr Ife noted that the newly established NRS now has the exclusive mandate to collect all petroleum-related taxes and royalties.
FIRS collected N21.6 trillion as tax revenue in 2024, exceeding the target of N19.4 trillion set for it by the government.
The Federal Accounts Allocation Committee (FAAC) has shared N1
“The total revenue of N2,068 trillion was available in the month of January 2024.”
FAAC stated that a total revenue of N1,594.763 billion was available in September 2023.
The communiqué said total revenue of N1.48 trillion billion was available in August 2023.
The Federation Account Allocation Committee has given N655.932 billion in revenue for April to the federal, state and local governments.
However, the balance in the Excess Crude Account (ECA), as at August 24 stands at 470,599.54 million dollars.
