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Tag: revenue

Finance

RMAFC completes review of Nigeria’s revenue allocation formula

The Revenue Mobilisation Allocation and Fiscal Commission has completed the review of Nigeria’s Revenue Allocation Formula, paving the way for a new framework for sharing revenues among the Federal, state and local governments. The commission also said it had concluded the review of remuneration for judicial office holders, while the review of salaries and allowances […]

Business

Anthropic revenue soars 1,360% ahead of planned IPO

Anthropic, the artificial intelligence startup behind the Claude chatbot, has reported a staggering 1,360 per cent surge in quarterly revenue to more than $11.5 billion, highlighting the company’s rapid growth as it prepares for a potential public listing. The figures were reported by Bloomberg News, citing documents shown to prospective investors ahead of the company’s […]

Business featured

X scraps revenue sharing, unveils original content rewards programme

X has announced plans to discontinue its Revenue Sharing programme and introduce a new Original Content Rewards programme to reward creators for producing original content on the platform. The social media company announced the changes on Friday in a post on its X Creators handle, saying the new programme would reward creators who contribute original […]

Finance

FG exceeds 2024 borrowing target by ₦4.79tn over revenue shortfall

The Federal Government exceeded its 2024 borrowing target by N4.79tn after a wider-than-projected budget deficit forced it to raise significantly more financing than originally planned, the Budget Office of the Federation has disclosed. According to the latest Fourth Quarter and Consolidated Budget Implementation Report for 2024, the Federal Government’s new borrowings rose to N12.62tn, exceeding […]

Finance

Customs projects ₦11.074trn revenue target for 2026

The Nigeria Customs Service has projected N11.074 trillion in revenue for the 2026 fiscal year, following its record performance in 2025 when it exceeded its revenue target by 10.24 per cent. Vanguard reported that the Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Monday while defending the Service’s 2025 budget performance and presenting its 2026 […]

Business featured

Discos lose 1.13 million customers despite record ₦2.32tn revenue

Electricity Distribution Companies have lost over 1.13 million customers amid lingering concerns over unreliable power supply and rising energy costs, findings by The PUNCH have shown. This happened even as the Discos supplied more electricity, generated record revenues and expanded metering in 2025. Data contained in the National Bureau of Statistics’ latest Nigeria Electricity Report: […]

Finance

Customs rake in ₦3.35tn revenue in five months

The Nigeria Customs Service generated N3.35 trillion in revenue between January and May 2026, driven by stronger trade facilitation, improved customs processing and intensified border enforcement operations across the country. Nairametrics reported that the revenue performance was disclosed on Thursday during a joint security news briefing organised by the Office of the National Security Adviser […]

Electricity featured

DisCos generate nearly ₦600bn revenue in Q1 despite power shortages

Electricity Distribution Companies in Nigeria generated approximately N600bn in revenue during the first quarter of 2026, according to the latest industry data released by the Nigerian Electricity Regulatory Commission. The figures showed that the power distribution companies collected a total of N597.55bn between January and March 2026, despite ongoing challenges facing the country’s electricity sector. […]

Ports and Airports

Tin Can port generates ₦1.60trn revenue, exceeds 2025 target

The Nigeria Customs Service Tin Can Island Port Command generated N1.60 trillion in revenue in 2025, exceeding its annual target of N1.52 trillion. The disclosure was made in a statement issued on Saturday by the command’s Public Relations Officer, Oscar Ivara, following the elevation of Frank Onyeka to the rank of Assistant Comptroller-General of Customs. […]

Policy and Regulations

Senate holds hearing on bill to establish revenue mgt institute

The Senate has held a public hearing on a bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria, marking a major step in the legislative process for the proposed institution. The bill, titled “Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2025,” was sponsored by Senator Adamu […]

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