The Federal Government released the sum of N16.38 billion to the Nigeria Customs Service (NCS) as its cost of collection for the month of November 2023.
The NCS gets seven percent of the revenue it collects within a specified period as cost of collection. It uses the money for staff salaries, emoluments as well as recurrent and capital expenditure.
Since it generated N3.2 trillion in 2023, the NCS is expected to get a total of N224 billion as its cost of collection in 2023.
Data released by the National Bureau of Statistics (NBS) showed that other revenue generating agencies including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) also received N12.52 billion and N24.59 billion respectively as cost of collection in November 2023.
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