To Get Personalised contents and be able to add items to your favourites, please Sign In or Sign Up          
 

Customs make N476bn revenue in seven months


News » Politics
Nigeria

Image:Comptroller-General of the Nigerian Customs Service, Alhaji Abdullahi Dikko

The Nigeria Customs Service generated N476.33bn revenue for the federation and non-federation accounts from January to July, this year, according to a document obtained from the NCS headquarters in Abuja on Tuesday.

The document, made available to the News Agency of Nigeria, showed that the total revenue collected by the service from January to July comprised N272.84bn for the federation account and N194.49bn for non-federation account.

During the period under review, N91.36bn generated for the month of June was the highest, compared with N69.48bn in May and N68.5bn in March.

A summary of the monthly revenue figures showed that in January, NCS generated N51.79bn into the federation and non-federation account, compared with N64.83bn in the month of February.

In April, the service generated N59.29bn into the nation’s treasury and N62.06bn in the month of July.

The document also indicated an average increase in import duty collected by the Customs in the months under review.

A breakdown of the figures showed that total revenue collected from import duty was N238.57bn, while excise duty accounted for N23.81bn.

Also, Common External Tariff levies contributed N9.77bn for the months under review.

NAN recalls that the Comptroller-General of Customs, Alhaji Mohammed Dikko, had in April told reporters that NCS would exceed its N800bn targeted internal revenue for the year to N1tn.

The NCS spokesman, Mr. Wale Adeniyi, told NAN that the target was still achievable, following the revenue generated in seven months.

Adeniyi, who is a Deputy Comptroller of Customs, hinged his optimism on the tradition that the tempo of importation usually increased from the second half of the year.

He said, “We are expecting the usual ember month rush from this month and we expect that those who are going to sell things for the festive period will come in so we expect a higher volume.

“We expect that the volume will increase, and when the volume increases, the net volume increases and it will translate into more revenue.’’

The spokesman observed that there had been a remarkable improvement in revenue from the Apapa Command due to increased duty rates on rice.

Adeniyi said, “If you look at the sectors, you will also notice that in July, there was a remarkable improvement in revenue from Apapa and the reason is because of bulk importation of rice, which has witnessed an increase in duty rates.

“So, when you have increase in the duty rate of bulk cargo like that, it translates into higher volume of duty.’’

He said, “Human element and the sweeping reforms” being implemented by the current Customs administration had contributed to improved revenue earnings for the country.

The spokesman said, “We have seen over the past three years that once the comptroller-general is committed to a cause, it is done; so, the emphasis has been that comptrollers are put on their toes.

Article Credit:Punch News 

For more Nigerian news: http://news.logbaby.com

Article Credit:

Updated 6 Years ago
 

Find Us On Facebook

Tags:     Customs make N476bn revenue in seven months

RELATED