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.
Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

What's your say?