Customs generates N249.3bn in third quarter of 2014

The Nigeria Customs Service (NCS) said it collected N249.3 billion revenue from duties and levies in the third quarter of 2014.

This is contained in the Service’s “Monthly Revenue Report” made available to the News Agency of Nigeria (NAN) on Monday.

The report showed that N79.61 billion was collected in July; N78.85 in August and N90.83 billion was collected in September.

It also indicated that N151.13 billion of the revenue was remitted to the Federation Account while N98.17 billion was transferred to non-federation account.

According to the report, N132.5 billion was collected from import duty and N12.16 billion from excise duty.

The reported also showed that the Service collected N551.7 million from sundry fees, N5.88 billion from Common External Tariff levies and N9.29 billion from 7 per cent port levy.

It said N48.28 billion was collected from Value Added Tax, N12.85 billion from Comprehensive Import Supervision Scheme and N7.36 billion from ECOWAS Trade Liberalisation Scheme.

The report explained that sugar levy accounted for N1.49 billion while wheat flour and wheat grain levies accounted for N4.24 billion and N9.35 billion respectively.

According to the report, rice levies accounted for N9.02 billion, N260.86 million, and was generate from steel levy while N32.1 million came from textile levy.

It also indicated that N82.3 million was collected from National Export Supervision Scheme levy, N67.99 million from cigarette, while N63.28 million was collected from wine and cement levies.

The News Agency of Nigeria (NAN) recalls that NCS collected N463.74 billion in the first and second quarters combined, which brought the total collection as at the end of the third quarter to N712.77 billion.