Customs Posts N557billion Half-year Revenue

The total revenue generated by the Nigeria Customs Service, NCS, between January and August 2016 stands at N557,083,996,324.16.

The summary of monthly revenue figure showed that revenue collection jumped from N75.6 billion in July to N95.7billion in August.

In June, the service collected N72.7billion, May N57.3, April N57.3 billion, March 61.2billion , February N62.8 billion and N74.3billion in January, according to the summary obtained by the Nation from the corporate headquarters in Abuja, on Thursday, September 15.

The total import duty in cash in the eight months under review was N286.7billion, while the total Negotiable Duty Credit Certificate (NDCC)in non-cash receipt was N203 billion.

In the period under review, the NCS said that it collected N28 billion from excise duty, N1.1 billion fees, and recorded N57.9billion federation account levies.

The NCS noted that its non-federation accounts levies in the period was N73.3billion while its Value Added Tax (VAT) was N109 billion.

The Public Relations Officer, Mr. Wale Adeniyi however told The Nation that the rise in revenue was due to the new forex exchange regime following a review from the Central Bank of Nigeria (CBN) that the Service applied in its duty collection.

On the increase in revenue collection in August, he said the service commenced operation of the new policy in July that boosted revenue only a month later.