
OPINION: FIRS, The New Number One Cash Cow By Mahmud Jega
There has been a silent change of baton at the cash inflow pipeline into the Federation Account, the proverbial national cake. For decades the Nigeria National Petroleum Corporation [NNPC] held sway as the top national cash cow. Since last year, the oil giant’s contribution to the Federation Account has dwindled to zero, no thanks to the N4 trillion annual subsidy bill which it shoulders on behalf of government. Non-oil sources have since become the Federation Account’s mainstay. Four sources, Federal Inland Revenue Service [FIRS], Nigeria Customs Service, Department of Petroleum Resources and Ministry of Solid Minerals now generate most of…