Revenue Generating Agencies in Nigeria – The responsibility of piloting a country’s internal economy rests squarely on the shoulders of revenue generation. Nigeria is blessed with an array of of federal government agencies which generates a lot of revenue to the national treasury.

Which of these agencies generate the highest revenue? That’s what this article is centered around.

Revenue Generating Agencies in Nigeria

In a descending order, here the top 10 highest revenue generating agencies in Nigeria that have keep the country’s internal economy in good financial health.

10. Economic and Financial Crimes Commission (EFCC)

The Economic and Financial Crimes Commission is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud and money laundering. Through corruption charges and laundered money, the EFCC generates a lot of revenue to the federal government.

9. National Agency for Food and Drug Administration and Control (NAFDAC)

The National Agency for Food and Drug Administration and Control (NAFDAC) is a Nigerian body charged to protect the public health of citizens by assuring the safety of foods and drugs.

NAFDAC also regulates and controls quality standards for cosmetics, medical devices, detergents, vaccines, chemicals and pesticides, agrochemicals, veterinary products, herbal preparations, packaged water and related products whether
imported or manufactured in Nigeria.

In other words, for any business to legitimately manufacture and/or import food or drugs for trade in Nigeria, it’s products must be registered with and certified by NAFDAC. NAFDAC generates
its revenue from registration fees and fines from business involved in food or drugs production.

8. Joint Admissions & Matriculations Board (JAMB)

The Joint Admissions and Matriculations Board (JAMB) is a popular name in the Nigerian Education sector. JAMB is a Nigerian entrance examination board for tertiary-level institutions.

The board conducts entrance Unified
Tertiary Matriculation Examination for prospective undergraduates into Nigerian universities. JAMB   generatesits revenue from the sales of JAMB forms and other charges. In a span of 6 years, JAMB generated N46bn in forms’ sales.

7. Federal Airport Authority of Nigeria (FAAN)

Federal Airport Authority of Nigeria (FAAN) is a service organization statutorily charged to manage all Commercial Airports in Nigeria and provide service to both passenger and cargo airlines. FAAN generates a huge chunk of its revenue from aeronautical (80%) and non-aeronautical sources (20%). FAAN also generate revenue from taxes and clearance from airports across the country.

6. Department of Petroleum Resource (DPR)

This is the major revenue generating agency in the Oil and Gas sector in Nigeria. The DPR is the Petroleum Regulatory Agency in Nigeria charged with the responsibility of ensuring  complianceto petroleum laws, regulations and guidelines in the Oil and Gas Industry. This agency generate revenue by issuing DPR Certificate also called DPR Permit or License. DPR also generate revenue by receiving penalties fines imposed on oil companies for gas flaring.

5. Nigeria Immigration Service (NIS)

The Nigeria Immigration Service (NIS) is the government agency that has been charged with the responsibility of migration management in Nigeria. NIS majorly generate revenue from issuing residence permits to foreigners in Nigeria; border surveillance and patrol.

4. Federal Inland Revenue Service (FIRS)

Federal Inland Revenue Service (FIRS) was created in 1943 with the sole responsibility for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria . In 2018, The Federal Inland Revenue Service (FIRS) collected about N5.320 trillion as revenues, the highest in history of Nigeria. The agency also generated a sum of N1.29 trillionth tax revenue in Q2 2020. FIRS is one of the highest revenue generators in Nigeria.

3. Nigerian Ports Authority (NPA)

The Nigerian Ports Authority (NPA ) is a federal government agency that governs and operates the ports of Nigeria. The NPA majorly generates its revenue from taxes, clearance and insurance in the country’s Ports. The major ports controlled by the NPA include: the Lagos Port Complex and Tin Can Island Port in Lagos; Calabar Port, Delta Port, Rivers Port at Port Harcourt, and Onne Port.

2. Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) is the main institution that deals with distribution of currency within the country. This agency generate its income from taxes and banks services.

The CBN was mandated by the 1958 Act of Parliament and began  operationson 1st of July 1959. The headquarter of the Central Bank of Nigeria is located in Abuja.

1. Nigerian National Petroleum Corporation (NNPC)

This is Nigeria’s highest revenue generation agency. The Nigerian National Petroleum Corporation is the oil corporation through which the federal government of Nigeria regulates and participates in the country’s petroleum industry. With respect to revenue generation, NNPC accounts for 76% of federal government revenue and 40% of Nigeria’s GDP. In 2019 NNPC disclosed that its total revenue from all its activities and sub-units stood at N6.05 trillion.