$10m earmarked for Customs, FIRS’ technical assistance from $750m W’Bank loan

The Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) are set to receive $10 million for technical assistance as part of the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR) project. This project is part of the broader $2.25 billion approved by the World Bank for Nigeria on June 13, 2024, to boost reforms in the country. The ARMOR project includes results-based financing of $730 million and $20 million in investment financing. The FIRS will receive $5 million to enhance its operations and revenue collection capabilities, including developing a robust third-party data sharing platform, administrative control programs, a VAT lottery system, and an e-invoicing system. The NCS will receive $5 million to enhance its administrative processes and improve compliance. The ARMOR program aims to implement tax and excise reforms, strengthen tax and customs administrations, and safeguard oil and gas revenues by increasing transparency and net revenue contribution.

The Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) experienced a 131% surge in their cost of revenue collection in Q1 2024, totaling N214.29 billion. This significant increase has led to calls for a review from state finance commissioners, who noted the disproportionate impact on revenue distribution to the states.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button