See The ‘Crazy’ Sum Nigerian Customs Remitted In One Year
Nigeria Customs Service, NCS raked close to a trillion naira under one year in 2018.
The agency remitted a total amount of 653.47 billion naira into the federation account between January and November.
Details of the revenue remittance are contained in a document presented to the Federation Account Allocation Committee.
The committee, headed by the Minister of State for Finance, Mrs Zainab Ahmed, is made up of commissioners for finance from the 36 states of the federation, the Accountant-General of the Federation, Alhaji Ahmed Idris, and representatives from the Nigerian National Petroleum Corporation.
Others are representatives from the Federal Inland Revenue Service, the Nigeria Customs Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria.
The federation account is currently being managed on a legal framework that allows funds to be shared under three major components –statutory allocation, Value Added Tax distribution, and allocation made under the derivation principle.
In the presentation, the service said the 653.47 billion naira was generated from six major sources of revenue.
They are import duty where the sum of 553 billion naira was collected within the 11 months period, excise duty which generated 53.63 billion naira and fees which raked in 2.42 billion naira.
Other sources of revenue during the period are auction sales which generated 803 million naira, penalty charges where N996.24 million was collected and special levy where the sum of N44.42 billion was collected.
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