Customs Nets N153.8b into Federation Account
 21st NOV 2006

The Nigeria Customs Service (NCS) made a total collection of N153.87 billion into the federation account in the first nine months of the year.

A report from the NCS, made available to the News Agency of Nigeria (NAN) recently, indicates that the amount is made up of collections for import duties, excise, and fees.

The total amount of N127.64 billion was from import duties during the period, N24.7 billion as excise duties and N1.5 billion as fees.

The report also shows that a total of N279.76 billion was collected for other agencies.

The agencies include port levy, sugar levy, VAT, National Automatic Council (NAC), Comprehensive Inspection Supervision Scheme (CISS) and rice levies.

Others are ECOWAS Trade Liberation Scheme (ETLS), National Export Supervision Scheme (NESS) cigarette, rice and steel levies.

Compared with last year during the same period, the collection into the Federation Account has dwindled by N16.66 billion.

The collection into the Federation Account from 1st January to the end of October 2005 was N170.46 billion while collection covering the same period in 2006 was N153.80.

Also the collection into the non-Federation Accounts this year was lower than that of 2005 by N9.18 billion, covering the same period.

The collection into the non-Federation Accounts in 2005 was N288.84 billion, while that of this year over the same period was N279.76.

However, the report shows that a total of N30.02 billion was lost as a result of some waivers in compliance with the government policies.

Such waivers, tagged "Negotiable Duty Credit Certificate (NDCC),'' would have increased the collections if they were being collected.

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