NRS collected N3.70trn tax revenue in August | Petroleum royalties accounted for 26%

The Nigeria Revenue Service (NRS) collected N3.70 trillion in tax revenue in August, according to a report presented at the Federation Account Allocation Committee (FAAC) meeting.

The figure was disclosed during the technical session of the September FAAC meeting, held at the federal ministry of finance headquarters in Abuja to consider the accounts for August.

This is according to a document, seen by TheCable, from the technical sub-committee of FAAC under the office of the accountant-general of the federation (OAGF).

NRS representative said the agency collected N758.82 billion in petroleum profit tax, hydrocarbon tax and company income tax on upstream activities, exceeding its monthly budget of N608.75 billion by N150.07 billion.

The representative said collections from company income tax, capital gains tax and stamp duty tax amounted to N1.04 trillion, below the monthly budget of N1.07 trillion.

Value-added tax (VAT) collections totalled N834.84 billion, comprising N640.87 billion from non-import VAT and N193.98 billion from import VAT.

According to the NRS spokesperson, the total exceeded the monthly budget of N829.92 billion by N4.93 billion.

“The sum of N993,016,602,697.65 was collected as Petroleum Royalties which was higher than the monthly budget of N675,000,000,000.00 by N318,016,602,697.65,” the office said.

“Also, the sum of N66,756,478,620.81 was collected as Gas Flared Penalty, Gas Flare Fee, Rental and Miscellaneous Oil Revenue as against the monthly budget of N31,099,583,333.33 resulting in a positive variance of N35,656,895,287.81.”

The NRS also collected N8.04 billion in mineral royalties and N362.19 million from other mineral revenue in August 2026, exceeding the monthly budget of N8 billion by N398.55 million.

OAGF: SOLID MINERALS MINISTRY COLLECTED N70.84M IN FEES

According to the document, the ministry of solid minerals development collected N70.84 million in fees in August 2026, according to its report to the committee.

“The representative of MSMD reported that a total sum of N70,841,156.54 was collected for the month of August, 2026 as Fees,” the office said.

“AG Ondo queried the absence of a ledger of monthly collections from the beginning of the year to date and sought to know how much had been collected since January, 2026.

“MSMD representative referred AG Ondo and Members to the consolidated CBN report and the pack of the Federation Account Department of the OAGF.”

The meeting also considered outstanding fees collected by the Nigeria Customs Service (NCS) in June 2026 but not reported at the July FAAC meeting.

The director of the federation account department requested four weeks to reconcile the NCS fees, extending the period under review from June to January-August 2026.

“The Chairman, Forum of Accountants General, spoke on behalf of Members and, with the permission of the Chairman, granted the request,” the document added.

CUSTOMS REVENUE FALLS BELOW BUDGET

According to the document, the NCS representative reported that the service collected N317.75 billion in August, comprising N277.89 billion in import duty, N23.49 billion in excise duty and N16.38 billion in common external tariff levies.

“The report showed that the actual collection for the month was lower than the 2026 provisional monthly budget of N461,881,759,506.77 by N144,129,308,442.49 and lower than the previous month’s collection of N338, 259,303, 178.43 by N20,506,852,113.76,” the OAGF said.

The representative said the Central Bank of Nigeria (CBN) transferred the entire N317.75 billion to the federation account.(TheCable)