A total of N1,037,102,179,400.58 revenue collection has been generated by the Nigeria Customs Service for the year 2017.
This was made known earlier today by the Service national image maker, Deputy Controller Joseph Attah while briefing newsmen in Lagos on the activities of the organisation in 2017
It will be recalled that five working days to the close of the year 2017, Attah announced the collection of N1,012,259,006,779.74 revenue which was above the service target of N770,573,730,490 for last year.
He addressed the widespread insinuation that the service recent revenue feat of over N1trillion was inferior to previous collections due to exchange rate.
Attah listed the circumstances under which the collection was made to include low volume of trade, strict import ban policies among others.
”I am happy to announce that NCS has now collected a total sum of N1,037,102,179,400.58 at the end of the year 2017.
Reacting to this spectacular performance, some Nigerians had compared the figure with that of previous years collections, especially that of 2014 and unfortunately concluded that the depreciated naira value makes the NCS revenue collected in 2017 as being inferior to that of 2014.
”While commending these Analysts for their interest in the activities of the Service, it is imperative to state that such comparison can only be valid if the volume of trade and tariff remained the same between 2014 and 2017. There is therefore the need to draw the attention of these analysts to the following facts:
”2016 and 2017 experienced economic recession with 41 items removed from accessing Forex. Rice, which raked in N56,804,290,474.00 billion, representing 5.8% in 2014 could not even contribute up to half a billion (N264,852,633.00) in 2017.
”Data reveals that though the volume of imports declined, collection per volume increased. For example 956,574 vehicles were imported in 2014, 558,517 in 2015 and 451,507 in 2016 but in 2017 a total of 399,556 vehicles were imported. Duty collected were N122bn, N111bn and N137bn respectively.
”This was possible because of strict deployment of digital identification method which enables Officers to identify consignment such as vehicles using the mandatory vehicle identification number (VIN).
”Declarations on vessels increased drastically in 2017 due to the use of digital application to locate vessels on Nigeria waters and request for payment of appropriate duties as data of the vessels are available through the digital platform.
”The enforcement of fiscal policies of 2017 led to the decrease in the average duty rate. The average duty rate which used to be 12.54 was reduced to 11.1 due to the lowering or total removal of duty rates for national projects such as Agricultural projects. For example:
”Prefabricated Agricultural Green House from 20% to 0%;
Agricultural Machinery from 10% or 5% to 0%;
The Automotive Industry Project (SKD vehicles from 35% to 5%) and concession of one SKD to two fully-built unit (FBU) cleared without payment of 35% levy.
”With the reduction in the average duty rate, a decline in revenue could have occurred but for due diligence, tax collection per unit was increased by 15%.
”It was under this challenging time in 2017 that NCS collected the highest revenue ever for the Federal Government.
For the avoidance of doubt, the present Management of NCS is not in competition. NCS believes records are there to be broken. As performance of 2017 has broken the records of past collections, we look forward to 2018 or indeed any future NCS Management breaking this record in the interest of the nation” he said