FEDERATION ACCOUNT: Customs remits N653.47bn in 11 months

The Nigeria Customs Service (NCS) remitted a total of N653.47 billion into the Federation Account between January and November 2018.

The NCS revealed this in a document it presented to the Federation Account Allocation Committee (FAAC).

According to the presentation, the NCS said the N653.47bn was generated from six major sources of revenue; import duty where the sum of N553bn was collected within the 11 months period, excise duty which generated N53.63bn and fees which raked in N2.42bn.

The Service said other sources of revenue during the period were auction sales which generated N803.24m, penalty charges where N996.24m was collected and special levy where the sum of N44.42bn was collected.

Giving the breakdown of payment into the Federation Account, the NCS said the sum of N58.37bn was remitted into the federation account in January while February, March and April recorded remittances of N48.06bn, N52.48bn and N58.45bn respectively.

For May, the service paid the sum of N58.65bn into the government coffers while N61.45bn, N55.79bn, N63.81bn were remitted in the months of June, July and August respectively.

Read also: NNPC trading surplus jumped to N9.85bn in Sept

For the month of September, the service paid N62.21bn into the treasury while October and November had N67.02bn and N67.12bn remitted respectively.

“The collection of N64, 793,029.05 in the month of November 2018, accounts for 91.63 per cent of the 2018 approved monthly budget of N70,710,977,858.08.

“This is lower that October 2018 collection of N67,351,872,142.87 by N2,558,842,964.82 or 3.8 per cent.

“This is attributable to a decrease in the volume of dutiable imports and excise duty in the month under review relative to the preceding month.

“The transfer to the federation account by the CBN for the month amounted to N67, 127,207,831.3, while charges deducted by the designated banks amounted to N19, 437,908.75”, the NCS said in the presentation.

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