The Nigeria Customs Service, Apapa Area 1 Command revealed on Monday said that its revenue for the month of September was N23.3 billion as against the N30.1 billion revenue generated in August, representing a 23 percent drop in revenue.
Apapa Area 1 command made this known in a revenue report signed by the Area Controller, Comptroller Eporwei Edike, and issued in Lagos.
The report also indicated that of the total figure N12.6 billion went into the Federation Account in September comprising import duty, fees and Common External Tariffs (CET); under the Non-Federation Account, the Apapa command generated N10.7 billion from 5 per cent Value Added Tax (VAT), 7 per cent Port Levy, and 0.5 per cent ECOWAS Trade Liberalisation Scheme (ETLS).
According to analysts, the decline in revenue could be attributed to the import exclusion of 41 items including rice, toothpick, soap, etc. from the foreign exchange transactions by the Godwin Emefiele-led Central Bank of Nigeria; which was implemented in June to defend the Naira from further devaluation.
-Via Business Day
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