Business
PH Customs Records N22.24bn Revenue In 2009
Port Harcourt Area I Command of the Nigeria customs Service was able to record a total revenue of N22.24 billion in 2009 as against N16.93 billion collected in 2008 which indicated an increase of about N5.3 billion or 31.29 per cent.
The Customs Area Comptoller, Austin Warikoru, who stated this last Friday while brief journalists in the Command, noted that the N2.84 billion made in December 2009 was the highest monthly revenue collection ever recorded in the history of the Command.
Comptroller Warikoru also noted that the last five months (August-December 2009) was the best in the history of revenue collection in Port Harcourt Area 1, explaining that the command had an increase of 82.25 per cent over and above collections in the corresponding period in 2008.
While N6.29 billion was realised in 2008, the Command collected N11.466 billion, a difference of about N5.175 billion.
The Area Comptroller further explained that the second half year record was fantastic between July and December 2009, stressing that the command collected N13,297 billion while during a corresponding period in 2008, N8.008 billion was collected as revenue with a clear difference of N5.3 billion or 66 per cent.
He also said the fourth quarter result was 106% better than that of 2008, adding that the Command, during the period, collected N7.034 billion while N3.413 billion was collected in 2008.
According to him, the Command made appreciable progress in revenue collection attributing it to the dedication, diligence and hard work of officers and men of the command.
The comptroller however, commended the officers and men of the Command, assuring the Comptroller-General of Customs, his management team and the Federal Government that the Command will not rest on its oars and promised to do better this year to beat 2009 record.
Meanwhile, the break down of the revenue collection of last year indicated that in January the Command collected a revenue of N1.32 billion and N780 million in February.
The command also netted N1.82 billion, N915 million and N1.54 billion in March, April and May, respectively.
In June, the Command was able to record N2.57 billion while in July, August and September, it recorded N1.83 billion, N2.63 billion and N1.80 billion, respectively.
Also in October 2009, the revenue generated by the Command was N2.30 billion, November , N1.89 billion and December, N2.84 billion with a total annual return of N22.24 billion.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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