Nigeria Customs misses revenue target for the third straight year.
Nairametrics| The Nigerian Customs reported a total collection of N720.7 billion for the fiscal year ended December 2016. This represents a 23% drop from the N937 billion targeted for 2015.
Here are further details
- Collection of NN720.7 billion is 76.89% of the target revenue between January and December last year.
- Value added tax on imports generated an additional N177.9 billion, increasing total collection to N898.6 billion.
- Its 2016 target was N937 billion.
- Customs collected a revenue of N903 billion in 2015 out of a target of N954 billion
- It also collected N977 billion in 2014 out of a revenue target of N1. 2 trillion. This however included a value added tax of about N186. 8 billion from VAT.
- Just like in 2014, customs blamed the depreciation of the Naira and the forex ban on 41 imported items as a major reason for the poor performance.
- The figures were presented by Customs DG Col. Hameed Ali to the National Assembly.