Nigerian Customs Service Announces N386 Billion Revenue – Between January and June 2016, the Nigerian Customs Service generated N386 billion, the body has announced.
This was revealed by the service’s Public Relations Officer, Mr. Wale Adeniyi, who revealed that it was lower than the N438.2 billion the service made in the same period last year.
Adeniyi gave a breakdown of the revenue, revealing N197.7 billion was generated from import duties in cash and N203 million from import duty in non-cash receipts as Negotiable Duty Credit Certificate (NDCC).
He said that N21.876 billion was generated from excise duty; N910. 995 million from fees; N41. 418 billion from federation account levies and N49. 357 billion from non-federation accounts levies. He added that the service generated N74. 282 billion from Value Added Tax (VAT) during the period.
He said that the decrease of N525.5 million in the revenue generated was due to economic recession.
“Access to foreign exchange and the drastic fall in the value of naira have also affected the service’s revenue generation,” he said.
The NCS said that the removal of the 41 items from the CBN foreign exchange window affected the revenue generation by the service. However, there are positive indications that the economy may bounce back in the last quarter of the year.”
“We (customs) are working with Western neighbour of Benin Republic to strengthen our transit trade, particularly with vehicles. So, we expect that this will have a positive effect on our service revenue generation in the last quarter.”