Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, has disclosed that the Commission has completed a comprehensive review of Nigeria’s Revenue Allocation Formula and concluded work on the review of remuneration for political, public and judicial office holders, with both processes now at...
Revenue
The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has dismissed online reports linking the NRS to an imaginary fraud related to the Frontier Exploration Fund, calling it sponsored fake news. The report had alleged the transfer of $279 million from the Fund’s account to some unnamed...
Chairman of the Benue State Board of Internal Revenue Service (BIRS), Joseph Kwaghgba, has clarified that the board’s constitutional responsibility is limited to generating revenue for the state through tax collection and does not include funding government agencies. Speaking with journalists in his office on Monday, Kwaghgba explained that...
The House of Representatives Committee on Federal Character has strongly condemned what it described as “the continued disregard for the constitutional authority of the National Assembly” by the Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji. The Committee also ordered the immediate suspension of recruitment by...
Kaduna State Governor Uba Sani, has reaffirmed his administration’s commitment to deepening fiscal reforms, strengthening revenue generation and ensuring that every public fund entrusted to government delivers measurable benefits to the people. The governor made the pledge on Wednesday while receiving members of the Revenue Mobilisation Allocation and Fiscal...
Federal Capital Territory (FCT) Minister, Nyesom Wike, has said the FCT’s internally generated revenue has increased from about ₦9 billion to more than ₦40 billion monthly since he assumed office, attributing the growth to reforms introduced by his administration. Speaking on a media chat reported by TVC on Thursday...
Nigeria Revenue Service (NRS) has generated N21.6tn in revenue in the first half of 2026, representing a 49 per cent increase compared to the corresponding period of 2025, according to an economic report from the Presidency. The figures were contained in the Economic Snapshot Report 2023 vs 2026, obtained...
Federation Account Allocation Committee has distributed a total of N2.300tn to the federal government, state governments and local government councils as revenue allocation for May 2026. The allocation was disclosed in a statement issued on Thursday by the Head of Information and Public Relations at the Ministry of Finance,...
Access Holdings Plc led Nigeria’s top lenders in electronic banking revenue for the first quarter of 2026, earning ₦85.5 billion from digital transactions, according to analysis of latest banking figures. The amount put Access Holdings well ahead of its peers. United Bank for Africa posted ₦45.8 billion in e-banking...
Nigeria Revenue Service (NRS) has launched a Unified Taxpayer Identification System for all taxable persons, marking a major step in its push to modernize tax administration. The rollout was announced Monday 18 by the NRS and the Joint Revenue Board (JRB) under Sections 6, 7 and 8 of the...
Nigeria Customs Service (NCS) has intensified efforts to strengthen excise compliance and enhance revenue generation as part of its drive to achieve the Service’s ₦400 billion excise revenue target for 2026. This formed the focus of a series of stakeholder engagements organised by the Service’s Excise, Free Trade Zone...
Nigeria’s national oil company, Nigerian National Petroleum Company Limited (NNPC Ltd), has reported improved natural gas production and increased revenue in its Monthly Report Summary for February 2026, highlighting continued progress across key infrastructure projects and operational activities. According to the report, natural gas production recorded steady growth during...
Federation Account Allocation Committee (FAAC) has shared a total of N1.894 trillion as revenue generated in February 2026 among the Federal Government of Nigeria, state governments and the 774 local government councils across the country. The details were contained in a statement issued on Friday by Bawa Mokwa, Director...
BUA Cement Plc has posted a remarkable financial performance for the 2025 financial year, recording a profit after tax of N356.04 billion, according to confirmed reports. Financial analysts say the figure represents a major leap from the N73.91 billion recorded in 2024, highlighting the company’s strong growth trajectory in...
Federal Government has defended Executive Order 9 (EO9), insisting that the directive is rooted in constitutional provisions and does not amount to executive overreach. In a statement issued on February 23, 2026, the Director-General of the Budget Office of the Federation, Tanimu Yakubu, said claims that the order allows...
Nigeria Customs Service (NCS), Tincan Island Port Command, has surpassed its 2025 revenue target, generating over ₦1.569 trillion, exceeding the assigned target by ₦55.83 billion. The Customs Area Controller (CAC), Comptroller Frank Onyeka, made the announcement during a press briefing at the command on Tuesday, 23 December 2025. Comptroller...
Federal Government, states and local government councils shared a total of ₦1.928 trillion as federation account revenue for November 2025, following approval by the Federation Account Allocation Committee (FAAC). The allocation was endorsed at the December 2025 FAAC meeting held in Abuja, which was chaired by the Minister of...
Nigeria’s state-owned energy giant, NNPC Limited, has posted its strongest financial performance yet, announcing a profit after tax of ₦5.4 trillion for the 2024 financial year — a figure that places the company firmly among the world’s most profitable national oil companies. The results, shared during its earnings call...
Nigerian Senate has opened an investigation into how stamp duty revenues are being generated, managed, and spent across the country — a move lawmakers say is crucial to tightening financial accountability and closing revenue leakages. Addressing journalists in Abuja, Chairman of the Senate Committee on Public Accounts, Senator Aliyu...
In a decisive move to shore up Nigeria’s revenue base, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has teamed up with the Federal Inland Revenue Service (FIRS) to launch a nationwide revenue recovery initiative aimed at reclaiming unremitted funds owed to the Federation Account. The collaboration was formally...