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.

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