NRS Collects ₦3.70tn in August as Customs Misses Revenue Target by ₦144bn

The Nigeria Revenue Service collected ₦3.70 trillion in August 2026, driven largely by stronger-than-expected petroleum royalties and upstream oil taxes, according to figures reviewed by the Federation Account Allocation Committee. Petroleum royalties brought in about ₦993.02 billion, exceeding the monthly target by ₦318.02 billion. Upstream petroleum profit tax, hydrocarbon tax and company income tax also surpassed their target by ₦150.07 billion. VAT collections reached ₦834.84 billion, slightly above budget. However, the Nigeria Customs Service collected ₦317.75 billion, ₦144.13 billion below its provisional monthly target of ₦461.88 billion. The figure was also lower than the ₦338.26 billion recorded in July. The committee approved a four-week reconciliation of outstanding customs fees from January to August after some June collections were omitted from the July FAAC report.

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