Customs February revenue dips to N84.9b

Nigeria Customs Service (NCS) revenue collection for last month dipped to N84.85billion from its January figure of N117.79billion.

The revenue dropped by N32.78billion, averaging about 27.8 per cent decrease in the review period. Unconfirmed reports said the decline could be linked to the shortness of the month and the work-free days owing to the Presidential and National Assembly elections.

A document titled: Revenue Collected, 01/02/2019-28/02/2019, obtained from NCS headquarters Abuja yesterday, showed that the five per cent  Value Added Tax (VAT) accounted for  N16.5billion.

A breakdown of the collection showed   N45.21billion came from Import Duty, Excise Duty yielded N1.31billion, while Common External Tariff (CET) levy contributed  N4.85billion.

The document also showed that Fees recorded N40.37million, Collections due for Federation Account was N51.99billion, B.VAT N16.5billion, while  N16.46billion was recorded against non-Federation Account revenue.

In the corresponding period of 2018, the NCS collected N79.26 billion, indicating an increase of N5.64billion, or an increase of 7.11 per cent.

Also in March and April 2018, the NCS collected N87.58 billion and N94.3 billion respectively.

The organisation also generated N100.5 billion in May, N98.4 billion in June, N94.9 billion in July and N140.4 billion in August.

Its total collection last year was N1.22trillion. While the Federal Government gave the NCS a revenue target of N887billion this year, the revenue collecting agency pledged that with the necessary equipment in place, it could surpass the target.

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