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Customs collected N77.9bn revenue in Q1í

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IMAGE: The Nigeria Customs Service »



The Nigeria Customs Service said it collected N77.9bn revenue in the first quarter of 2014.

This was contained in a document summarising the monthly revenue of the NCS, which was obtained by the News Agency of Nigeria in Abuja on Monday.

The document stated that N27.4bn was collected in January, N23.8bn in February and N26.7bn in March.

It stated that out of the revenue collected during the period, N41.7bn was remitted to the Federation Account, and N36.2bn was remitted to the non-federation account.

The revenue, according to the document, was collected from duties, fees and levies.

It added that N7.2bn came in from the port levy, N1.4bn from levy on sugar, N7.2bn from wheat grain levy, and N1bn from flour levy.

It also stated that N41.7bn of the revenue was realised from the five per cent Value Added Tax, while N131.8m was from the National Export Supervision Scheme.

Other special levies, which provided revenue during the period, according to the document, are the Comprehensive Import Supervision Scheme and the ECOWAS Trade Liberalisation Scheme, which accounted for N10.5bn and N6.3bn, respectively.

A further breakdown of the revenue figure showed that N2.6bn was generated from the 100 per cent rice levy, N79.2m from the brown rice levy and N112.5m from the steel levy.

According to the document, the textile levy accounted for N24.1m, while N4.8m was realised from wine levy; N274.9m from cement levy and N135m from cigarette levy.

Article Credit: Punch Newspaper

Updated 5 Years ago

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Tags:     The Nigeria Customs Service     ECOWAS Trade Liberalisation Scheme     Value Added Tax