World Bank Warns of Nigeria's Rising Revenue Collection Costs

The World Bank has expressed worries about Nigeria's rising revenue collection costs, which have outpaced actual revenue growth over the past three years. The country's total federal revenue has been increasing, driven partly by higher oil receipts and improved tax compliance.

However, the costs of collecting and retaining revenue have also surged, with key agencies like FIRS, NCS, and NUPRC experiencing significant increases. The World Bank highlighted the need to address the structural fiscal inefficiencies, particularly in debt servicing, to ensure sustainable economic management.