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...
Revenue
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...
Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has attributed Nigeria’s unprecedented surge in revenue to sweeping fiscal reforms championed by President Bola Tinubu led administration. Speaking to journalists at the State House in Abuja, Adedeji revealed that the federal government recorded N3.64 trillion in revenue...
Dangote Cement Plc has distributed N3.3 trillion in dividends to its shareholders over the past 15 years, as announced during its “Facts Behind the Figures” presentation at the Nigerian Exchange Ltd. (NGX) in Lagos on Wednesday. Emmanuel Ikazoboh, who recently succeeded Alhaji Aliko Dangote as Chairman, emphasized the company’s...
Presidency has reported a remarkable surge in Nigeria’s non-oil revenue, attributing the growth to strategic reforms aimed at enhancing fiscal stability, tax compliance, and digital tax administration. In a statement issued on Wednesday in Abuja, Presidential spokesperson Mr. Bayo Onanuga shared insights from President Bola Tinubu’s address to a...
President Bola Ahmed Tinubu said on Tuesday in Abuja that the revenue target for 2025 was achieved in August, following economic reforms focused on stimulating the non-oil sector. He said that the bulk of the revenue came from the non-oil sector. The President assured Nigerians that the Renewed Hope...
By JOY ADARA, Abuja – Federal Government has urged the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) to carry out comprehensive due diligence in the formulation of a workable and acceptable revenue allocation for the country. The Secretary to the Government of the Federation, Sen. George Akume, CON, made...
Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stated that there is currently no concrete evidence to support allegations that some state governments are diverting funds allocated to local governments. Chairman of the Committee on Inland Revenue Services at RMAFC, Mr. Bimbo Kolade, disclosed this in an interview with...
By EXACTLY OBI, Abuja- Federation Account Allocation Committee (FAAC) has distributed a total of N1.818 trillion to the Federal Government, states, and Local Government Councils (LGs) for June. This significant revenue sharing comes after the FAAC meeting held in Abuja on Friday night. Revenue Breakdown The total distributable revenue...
Nigeria Government’s revenue has risen to N6.9 trillion in the first quarter of 2025, marking a 40% increase from N5.2 trillion in the previous quarter. Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, disclosed this during a Citizens and Stakeholders’ Engagement on implementing President Bola...
By MBAFAN ADE, Abuja- The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion May revenue among the Federal Government, states, and Local Government Councils (LGCs). According to the communiqué issued after the June meeting of FAAC, the total distributable revenue comprised statutory revenue of N863.895 billion, Value Added...