The Nigeria Customs Service, NCS, has revealed that its revenue generation in the first six months of 2016 fell by N525.5 million as against what it generated within the same period in 2015
Wale Adeniyi, the Public Relations Officer of the service said the revenue generation from January to June this year is N385.7 billion while that of 2015 was N438.2 billion.
He disclosed this in an interview with the News Agency of Nigeria, NAN, on Monday in Abuja.
Giving reasons for the drop in revenue, Adeniyi said access to foreign exchange and the drastic fall in the value of the naira have affected the service’s revenue generation, Also, he said the removal of the 41 items from the CBN foreign exchange window also affected the revenue generation by the service.
In a breakdown of the generated sum, Adeniyi said N197.7 billion was from import duties in cash, while N203 million was from import duty in non-cash receipts as Negotiable Duty Credit Certificate, NDCC.
Also the sum of N21.876 billion was generated from excise duty; N910. 995 million from fees; N41. 418 billion from federation account levies; N49. 357 billion from non-federation accounts levies and N74. 282 billion from Value Added Tax, VAT, during the period.
He however said: “There are positive indications that the economy may bounce back in the last quarter of the year,”
“We (customs) are working with our 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.”
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