Nigeria Customs remits ₦653.47 billion to Fed Acct. in 2018
The Nigerian Customs Service (NCS), said it has remitted N653.47 billion into the Federation Account between January and November 2018.
The NCS which presented the report to the Federation Account Allocation Committee (FAAC), last week, said the amount was generated from six major revenue sources, namely: Import duty where ₦553 billion was realised between January and November; Excise duty where ₦53.63 billion was made; Fees brought in, ₦2.42 billion; Auction sales generated ₦803.24 million; Penalty Charges fetched ₦996.24 million and Special levy generated ₦44.42 billion into the nation’s purse.
The report revealed that ₦58.37 billion was remitted into the federation account in January, while February, March and April recorded remittances of ₦48.06 billion, ₦52.48 billion and ₦58.45 biliion respectively.
The month of May, saw receipts of ₦58.65 billion flowing into government account, while ₦61.45 billion, ₦55.79 billion, ₦63.81 billion came in the month of June, July and August respectively. In September, the NCS paid ₦62.21 billion into the coffers, while ₦67.02 billion and ₦67.12 billion was paid into the federation account in October and November respectively.
The report which was prepared and signed by Ibrahim, S.I. for Comptroller-General, NCS indicatted that “the collection of ₦64,793,029.05 in the month of November, 2018 accounted for 91.63 per cent of the 2018 approved monthly budget of ₦70,710,977,858.08. This is lower than the October 2018 collection of ₦67,351,872,142.87 by N2,558,842,964.82 or 3.8 per cent.”
Ibrahim attributed this development “to decrease in the volume of dutiable imports and excise duty in the month under review relative to the preceding month.”
In the report, Ibrahim stated that “the transfer to the federation account by the Central Bank of Nigeria for the month amounted to ₦67,127,207,831.3, while charges deducted by the designated banks was ₦19,437,908.75.”
The Federation Account Allocation Committee (FAAC), is headed by the Minister of Finance, Mrs Zainab Ahmed, who serves as the Chairman. The Committee is also made up of commissioners of finance from the 36 states of the federation; the Accountant General of the Federation, and representatives from the Nigerian National Petroleum Corporation (NNPC); the Federal Inland Revenue Service (FIRS); the Nigerian Custom Service (NCS); Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC); the Central Bank of Nigeria (CBN); the Federal Ministry of Solid Minerals Development and other critical stakeholders with interests in the federation account.
The framework guiding the mangement of the federation account demands that funds be shared under three major components-statutory allocation, Value Added Tax distribution; and allocation made under the 13% derivation principle oil producing states. The beneficiaries are the three tiers of government: federal, state and local governments; the FIRS, Department of Petroleum Resources (DPR) and the NCS who go home with costs of collection of 4%, 4% and 7% respectively.