Nigeria Customs Service Image: reporters365.com

Nigeria Customs Service    Image: reporters365.com

The Nigeria Customs Service (NCS) said it collected N385.7 billion as revenue in the first half of 2016, whereas it collected N438.2 billion in the corresponding period of 2015.

Its spokesman, Mr Wale Adeniyi, blamed the decrease on economic recession.

He said on Monday in Abuja that the service collected N197.7 billion cash as import duties and another N203 million as import duty on non-cash receipts, but as Negotiable Duty Credit Certificate (NDCC).

He said that N21.876 billion was collected as excise duty; N910. 995 million as fees; N41. 418 billion as federation account levies and N49. 357 billion as non-federation accounts levies.

Adeniyi added that the service collected N74. 282 billion as Value Added Tax during the period.

“Access to foreign exchange and the drastic fall in the value of naira have also affected the service’s revenue generation,” he said.

The NCS said that the removal of 41 items from the CBN foreign exchange window also affected revenue collection by the service.

“There are positive indications, however, that the economy may bounce back in the last quarter of the year.

“We (Customs) are working with our Western neighbour, Benin Republic, to strengthen our transit trade, particularly with vehicles.

“So, we expect that this will have a positive effect on our service revenue collection in the last quarter,’’ Adeniyi said.

Author: Cerebral Lemon