Nigeria Customs declares 6-month revenue of N385.7 billion

Nigeria Customs declares 6-month revenue of N385.7 billion
August 15 17:59 2016

The Nigeria Customs Service
(NCS) has said it generated N385.7
billion revenue from January to
June this year.
This was against the N438.2
billion generated in the same
period in 2015.

The NCS Public Relations Officer,
Wale Adeniyi, disclosed this to the
 News Agency of Nigeria (NAN) in
 an interview on Monday in Abuja.
 Adeniyi said the service
generated N197.7 billion from
import duties in cash and
generated N203 million from
import duty in non-cash receipts
as Negotiable Duty Credit
Certificate (NDCC).

He said 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.
 Adeniyi said the service
generated N74. 282 billion from
Value Added Tax (VAT) during the
period.
He said 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.’’

(NAN)