Customs collects N463.74bn in H1

The Nigeria Customs Service (NCS) says it generated a total of N463.74 billion revenue from duties and levies between January and June 2014. The 2014 first half revenue generation report was contained in the Service’s “Monthly Revenue Report” made available in Abuja recently.

According to the report, N197.73 billion was collected in the first quarter while N265 billion was collected in the second quarter.

It further revealed that N276.23 billion of the revenue was remitted to the federation account while N187.51 billion was transferred to the non-federation account.

Furthermore, N246.72 billion was collected from import duty, N16.78 billion from excise duty and N93.10 billion from Value Added Tax (VAT).

The report added that N94.40 billion was collected from levies, N11.52 billion from Common External Tariff (CET) special levy and N1.21 billion from other fees.

A monthly breakdown of the revenue collection during the period showed that N70.58 billion was collected in January, N63.87 billion in February and N63.37 billion in March. In April, N87.58 billion was realized while N95.04 billion and N83.29 were realized in May and June respectively.

Meanwhile the Federal Capital Territory (FCT) command of the NCS, said it collected N1.28 billion revenue in the first half of 2014.

This is contained in the command’s “Revenue Collection Analysis” report obtained by the News Agency of Nigeria (NAN) in Abuja on Friday.

The service stated that the collection during the period was part of the N3.4 billion revenue collection target given to the service by the Federal Government.

It said that N513.82 million was collected in the first quarter and N769.99 million in the second quarter.

The revenue, it, was generated from duties, Value Added Tax (VAT), fees and levies.

According to the service, out of the amount generated in the period, N743.78 million was remitted into the Federation Account, while N540.04 million was remitted to non-federation account.

It said that N724.5 million was realised from import duty, N50.75 million from port levy and N6.4 million from fees and penalties.

It added that N256.66 million was realised from fi ve per cent VAT while N12.86 million came from Common External Tariff (CET) levy during the period.

The other sources of the revenue collected during the period, it also said, were Comprehensive Import Supervision Scheme and ECOWAS Trade Liberalisation Scheme which accounted for N150 million and N82.61 million, respectively.



Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.