NNPC, FIRS, 2 Others Generate Over N28trn in 3yrs

The Federal government of Nigeria between 2017 and 2019 received a credit alert of N28.02 trillion from four agencies.

The revenue earned was disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its Fiscal Allocation and Statutory Disbursement (FASD) report released on Thursday.

The four agencies are the Nigerian National Petroleum Company Ltd. (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Mines and Steel Development (MMSD).

NEITI disclosed that of the amount earned, N22.68 trillion was remitted to the Federation Account, citing that FIRS generated the sum of N13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09 per cent).

Part of the report reads: “Value-Added Tax (VAT) and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded the highest revenue collection of N5.02 trillion in 2018.

“A total sum of N8.82 trillion was generated by the NNPC within the period,” stating that N4.55 trillion came from domestic crude sales, while export receipts accounted for N4.27 trillion

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