FAAC: Customs remits N653.47bn into federation account

FAAC, headed by the Minister of Finance Mrs Zainab Ahmed, comprises Commissioners of Finance from the 36 States of the federation

Uche Usim, Abuja

The Nigeria Customs Service (NCS), remitted a total of N653.47 billion between January and November this year.

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Details of the revenue flow are contained in a document presented to the Federation Account Allocation Committee in December in its final meeting for 2018.

FAAC, headed by the Minister of Finance Mrs Zainab Ahmed, comprises Commissioners of Finance from the 36 States of the federation; the Accountant General of the Federation, Mr Ahmed Idris and representatives from the Nigerian National Petroleum Corporation.

Others include representatives from the Federal Inland Revenue Service; the Nigeria Custom Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria. The federation account is currently managed on a legal framework that allows funds to be shared under three major components-statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.

In the presentation, the Service said the N653.47 billion was generated from six major sources of revenue, including import duty where the sum of N553billion was collected within the 11 months period, excise duty which generated N53.63 billion and fees which raked in N2.42 billion. Other sources of revenue during the period are auction sales which generated N803.24 million, penalty charges where N996.24 million was collected and special levy where the sum of N44.42 billion was collected.

Further breakdown of the N653.47 billion revenue collection of customs showed that the sum of N58.37 billion was remitted into the federation account in January while February, March and April recorded remittances of N48.06 billion, N52.48 billion and N58.45 billion respectively.

In the month of May, the service paid the sum of N58.65 billion into government coffers while N61.45 billion, N55.79 billion, N63.81billion was remitted in the month of June, July and August respectively.

For the month of September, the service paid N62.21 billion into the treasury, while October and November had N67.02 billion and N67.12 billion respectively.

The document reads in part, “The collection of N64,793,029.05 in the month of November, 2018 accounts for 91.63 percent of the 2018 approved monthly budget of N70,710,977,858.08.

“This is lower that October 2018 collection of N67,351,872,142.87 by N2,558,842,964.82 or 3.8 percent.

This is attributable to decrease in the volume of dutiable imports and excise duty in the month under review relative to the preceding month.

“The transfer to the federation account by the CBN (Central Bank of Nigeria) for the month amounted to N67,127,207,831.3, while charges deducted by the designated banks was N19,437,908.75.”

The NCS, under the leadership of Hameed Ali has repeatedly expressed its determination to increase revenue, boost national security and promote legitimate trade.

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The post FAAC: Customs remits N653.47bn into federation account appeared first on The Sun Nigeria.

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