Business
NCS Generates N463.7bn In Six Months
The Nigeria Customs
Service (NCS says it has generated about N463.7 billion in the first half of the year through duties and levies between January and June 2014.
NCS in its “monthly Revenue Report” made available to newsmen said N197.73 billion was collected in the first quarter while N265 billion was collected in the second quarter.
Similarly, the report revealed that while N276.23 billion of the revenue was remitted to the federation account, N187.51 billion was transferred to the non-federation account.
It also revealed that N246.72 billion was collected from import duty, N16.78 billion from exercise duty and N93.10 billion from Value Added Tax (VAT).
The report added that N94.40 billion was collected from levies, N11.52 billion from Common External Tariff (CET), special levy and N1.21 billion from other fees.
The monthly breakdown of the revenue collection during the period showed that N70.58 billion was collected in January; N63.87 billion in February; N63.37 billion in March; N87.58 billion in April; N95.04 billion in May and N83.29 in June.
In a related development, the Federal Capital Territory (FCT) command of the NCS, said it collected N1.28 billion revenue in the first half of 2014. The Revenue Collection Analysis” report of the command stated that the collection during the period was part of the N3.4 billion revenue collected target given to the service by the federal government.
It said that N513.82 million was collected in the first quarter and N769.99 million in the second quarter.
According to the service, out of the amount generated in the period, N743.78 million was remitted into the Federation Account while N540.04 million was remitted to non federation account.
It further said that N724.5 million was realized from import duty, N50.75 million from Port Levy and N6.4million from fees and penalties.
In addition N256.66 million was realsied from five per cent VAT while N12.86 million came from Common External Tarrif (CET), levy during the period under review.
The other sources of the revenue collected during the period are comprehensive import supervision scheme which accounted for N150 million and N28.61 million respectively.