CUSTOMS GENERATE N385.7BN REVENUE IN 6 MONTHS

August 15, 2016 AdminLeave a comment

The Nigeria Customs Service (NCS) 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 NSC Public Relations Officer, Mr Wale Adeniyi, disclosed this to the News Agency of Nigeria (NAN) in an interview on Monday in Abuja.

Adeniyi said that 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 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.

Adeniyi said 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.”

Source: Guardian.ng

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