RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

FG Generates Over N26.2 Billion from National Drivers’ Licenses in 2022

Stephen Akudike by Stephen Akudike
October 18, 2023
in Economy
Reading Time: 2 mins read
A A
0
FG Generates Over N26.2 Billion from National Drivers’ Licenses in 2022
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria’s government raked in an impressive N26.2 billion from the issuance of National Drivers Licenses (NDLs) in the year 2022, according to findings by The PUNCH. These statistics were derived from an analysis of the Federal Road Safety Corps’ (FRSC) Statistical Digest for the four quarters of 2022, indicating a significant contribution to the nation’s revenue stream.

The report obtained by The PUNCH revealed that a total of 1,007,948 NDLs were produced throughout the year. The average cost of a driver’s license in 2022, whether it was for 3 or 5 years validity and whether it was for new applicants or renewals, remained steady at N26,000.

AlsoRead

Food Insecurity Worsens in Nigeria Amidst Funding Challenges in Rural Agriculture

FG Disburses N135.4 Billion to States and FCT under NG-CARES Initiative

OPEC+ Voluntary Cuts Raise Potential for $100 Oil in 2024

Delving deeper into the pricing structure, a new driver’s license valid for three years came with a price tag of N30,000, while renewals cost N17,000. Those opting for a five-year license had to pay N35,000 upfront, and the renewal fee stood at N22,000.

The FRSC’s report, encompassing data from all 36 states and the Federal Capital Territory, offers a detailed breakdown of license production throughout the year. The first quarter of 2022 saw the production of 143,686 licenses, followed by 333,752 units in the second quarter. The third quarter recorded the production of 272,324 licenses, showing remarkable growth though it was slightly lower than the preceding quarter. In the last quarter, 258,186 licenses were produced, signifying a marginal decline of 5.2 percent.

In total, the year 2022 saw the issuance of 1,007,948 drivers’ licenses, underscoring the importance of the NDL program in Nigeria. Analysis of production by states revealed that Lagos recorded the highest production of NDLs with 137,814 units, followed closely by the Federal Capital Territory, which accounted for 52,880 licenses.

Other states contributing significantly to the numbers include Delta, Ogun, and Oyo, which produced 60,527 units, 37,682 units, and 27,402 units, respectively.

This data reflects the significance of driver’s licenses in Nigeria, not only as a means of ensuring road safety but also as a considerable source of revenue for the government. However, it’s worth noting that early in the year, the Directorate of Road Traffic Services in the FCT reported over 15,000 drivers’ licenses yet to be collected by their owners, while Oyo had 6,138 drivers’ licenses uncollected during the same period, underlining the need for improved management and collection mechanisms.

The revenue generated from the issuance of National Drivers Licenses in 2022 is not only a testament to the importance placed on road safety in Nigeria but also a significant contribution to the nation’s fiscal health. As the government continues its efforts to enhance road safety and streamline the process for obtaining licenses, this revenue stream is expected to persist and potentially increase in the coming years.

Tags: #Nigeria2022driver's license feesFederal Road Safety Corpslicense productionNational Drivers LicensesNDLsNigerian governmentRevenueroad safetyroad safety statisticsstate-wise productionuncollected licenses.
Previous Post

CBN Approves New Non-Interest Bank in 3 Cities, a Rival to Jaiz Bank

Next Post

New users on ‘X’ to Pay $1 annual fee

Related News

Food Insecurity Worsens in Nigeria Amidst Funding Challenges in Rural Agriculture

Food Insecurity Worsens in Nigeria Amidst Funding Challenges in Rural Agriculture

by Stephen Akudike
December 4, 2023
0

Despite ongoing efforts to address food security issues in Nigeria, inadequate funding in the agricultural sector continues to exacerbate the...

FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

FG Disburses N135.4 Billion to States and FCT under NG-CARES Initiative

by Victoria Attah
December 4, 2023
0

The Federal Government has disbursed a total of N135.4 billion to states and the Federal Capital Territory (FCT) following the...

Oil Prices Waver Near $80 as OPEC+ Meeting Looms and Supply Concerns Persist

OPEC+ Voluntary Cuts Raise Potential for $100 Oil in 2024

by Akpan Edidong
December 1, 2023
0

Global oil prices are anticipated to rise in the upcoming year following voluntary output cuts announced by some OPEC+ members....

FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

by Stephen Akudike
November 30, 2023
0

In its monthly report for October, FMDQ Exchange has disclosed a secondary market turnover of N21.70 trillion. While this figure...

Next Post
New users on ‘X’ to Pay $1 annual fee

New users on ‘X’ to Pay $1 annual fee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

U.S. Steps In on Emefiele Trial, Alleges Human Rights Violations

U.S. Steps In on Emefiele Trial, Alleges Human Rights Violations

December 5, 2023
What Banks Really Mean When They Put Trillions Into ESG.

What Banks Really Mean When They Put Trillions Into ESG.

December 4, 2023

Popular Story

  • FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

    FG Disburses N135.4 Billion to States and FCT under NG-CARES Initiative

    0 shares
    Share 0 Tweet 0
  • Naira depreciates to N935/$ in the Official Market.

    0 shares
    Share 0 Tweet 0
  • What Banks Really Mean When They Put Trillions Into ESG.

    0 shares
    Share 0 Tweet 0
  • Bitcoin Surges to $41,000, Sparking Debate on Maturation and Bull Run

    0 shares
    Share 0 Tweet 0
  • Food Insecurity Worsens in Nigeria Amidst Funding Challenges in Rural Agriculture

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>