N1 trillion: Customs misses revenue target by the whiskers!


… Rakes in N977bn in 2014

Critical stakeholders growing waves of strikes and work stoppage may have culminated into Nigeria Customs Service (NCS) narrowly missing its 2014 revenue target of N1 trillion, by the whiskers, as the the Service rakes in slightly above N977.09 billion, last year.


The Maritime First learnt that though the Government had expected the Service to genenrate about N1 trillion, the Customs management had upped the stake, and set a corporate target of N1. 2trillion target for the year.

Unconfirmed figures obtained by the Maritime First indicated that revenues came in from import and excise duties, underpayments, levies and other fees.

The indices of performance however, also showed that the Service surpassed its 2013 records, by an increase of N143.79 billion; which was then, slightly over N833.4 billion, encouragingly implying about 15 per cent incremental feat.

A breakdown of the figures indicated that collections into the Federation Account amounted to N586.91 billion; while into the non-federation account was remitted a whopping N390.18billion.

It also showed that from the N511.55 billion came N203.37 billion collected from levies; N186.80 billion from Value Added Tax (VAT) and the Common External Tariff (CET) levy accounted for N24.61 billion; when  N8.59 billion came from import duty (NDCC), and N39.76 was grossed in from other fees.

The Service performed least in the first quarter of 2014, during which the Pre Arrival Assessment Report (PAAR) was wobbling as a result of poor support from the Webb Fontaine platform, posting a figure of N197.82 billion; before it went on a free run in the second quarter, as it peaked with a figure of N265.81billion, having consolidated the distractions of PAAR; before it suffered a revenue set back in the third quarter, and posting N249.29 billion when waivers peaked, before bouncing back positively with a figure of N264.05 billion in the fourth quarter.

However, efforts made to confirm the figures from the Public Relations Unit was futile, as they could not be reached, before going to press.