Petroleum royalties contributed nearly 27 per cent of the Nigeria Revenue Service’s reported collections, while Customs revenue fell ₦144.13 billion below its monthly budget.

The Nigeria Revenue Service (NRS) collected ₦3.70 trillion in revenue in August 2026, with petroleum royalties accounting for approximately 26.8 per cent of the total, according to a report presented at the Federation Account Allocation Committee (FAAC) meeting.

The figures were contained in a technical subcommittee report under the Office of the Accountant-General of the Federation (OAGF), obtained by TheCable.

The report was presented during the technical session of FAAC’s September meeting at the Federal Ministry of Finance headquarters in Abuja, where officials reviewed revenue collected in August.

Petroleum royalties generated ₦993.02 billion, exceeding the monthly budget of ₦675 billion by ₦318.02 billion.

Collections from petroleum profit tax, hydrocarbon tax and company income tax on upstream activities reached ₦758.82 billion, surpassing the monthly target of ₦608.75 billion by ₦150.07 billion.

However, collections from company income tax, capital gains tax and stamp duty amounted to ₦1.04 trillion, below the monthly budget of ₦1.07 trillion.

NRS: VAT collections exceed August target

Value-added tax (VAT) collections stood at ₦834.84 billion in August, comprising ₦640.87 billion from non-import VAT and ₦193.98 billion from import VAT.

According to the report, the total exceeded the monthly budget of ₦829.92 billion by ₦4.93 billion.

The NRS also collected ₦66.76 billion from gas-flaring penalties, gas-flaring fees, rentals and miscellaneous oil revenue, against a monthly budget of approximately ₦31.10 billion.

This represented a positive variance of ₦35.66 billion.

Mineral royalties generated ₦8.04 billion, while other mineral revenue contributed ₦362.19 million. The combined mineral-related collections exceeded the stated monthly target by approximately ₦398.55 million.

The figures indicate varying performance across the revenue streams, with petroleum royalties and upstream taxes exceeding their targets while company income tax, capital gains tax and stamp duty fell short.

Customs revenue falls ₦144bn below target

The Nigeria Customs Service (NCS) collected ₦317.75 billion in August, falling ₦144.13 billion below its provisional monthly budget of ₦461.88 billion.

The collections comprised ₦277.89 billion in import duty, ₦23.49 billion in excise duty and ₦16.38 billion in Common External Tariff levies.

According to the OAGF report, the August collection was also ₦20.51 billion lower than the ₦338.26 billion recorded in July.

The Customs representative told the committee that the Central Bank of Nigeria transferred the entire ₦317.75 billion collected to the Federation Account.

The committee also reviewed outstanding Customs fees collected in June but not reported at the July FAAC meeting.

The director of the Federation Account Department requested four weeks to reconcile the outstanding fees, extending the review period to cover January through August 2026. The request was approved by the committee.

Solid minerals ministry reports ₦70.84m in fees

The Ministry of Solid Minerals Development reported collecting ₦70.84 million in fees during August.

During the meeting, the Accountant-General of Ondo State questioned the absence of a ledger showing the ministry’s cumulative collections from January to August.

The ministry’s representative referred members to the consolidated Central Bank of Nigeria report and the Federation Account Department’s records.

The exchange highlighted the need for clearer documentation of collections and improved reconciliation of revenue figures submitted to FAAC.

The committee’s review covered revenue performance across federal revenue-generating agencies, including tax, customs, petroleum and solid minerals-related collections.

The figures provide a breakdown of how the agencies performed against their monthly revenue targets, while the reconciliation of outstanding Customs fees remains part of the committee’s review process.

The findings also highlight the importance of timely revenue reporting, transparent accounting and effective monitoring to strengthen fiscal planning and ensure accurate remittances into the Federation Account.