Customs Q1 revenue hits N429.7b

The Nigeria Customs Service (NCS) has so far generated N429.7billion this year, a summary of the monthly revenue figure obtained from its headquarters in Abuja at the weekend sas shown.

The document that showed revenue generation from January to April this year, noted that the NCS recorded N429.7billion. In April alone, it generated N116billion, which is over N7billion lower than that of the previous month. In March, it raised N109.5billion, N86.3billion in February and N117.7billion in January.

So far, it has generated N217.8billion from import duty in the four months under review, collected N33.6billion from exercise duty and N1.1billion from fees.

Of the N429.7billion, N61billion is non-Federation Account and Value Added Tax (VAT) is N74.1 billion.

In April last year, the NCS generated N94.3billion, and N100.5 billion in May, N98.4 billion in June, N94.9 billion in July and N140.4 billion in August.

There is however an increase of N21.7billion in April collection in view of the generation of the corresponding month 2019.

Its total collection last year was N1.22trillion.

This year, the Federal Government gave the NCS a target of N887billion. The revenue collecting agency pledged that with the necessary equipment in place, it could surpass the  target.