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Friday, March 31, 2023

Customs’ Revenue Rises to N1.7 trillion

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A total N1,755,386,486,390.02 was collected as revenue by the Nigeria Customs Service (NCS) in the first eight months of the year spanning January and August (8M 2022).

The NCS collected N241,903,781,854.46 in August alone, its highest ever monthly revenue, as it fires on all cylinders to help drive the vision of the federal government to diversify and expand its tax base in the face of dwindling oil revenue.

The revenue in 8M 2022 is N363,436,321,614.95 higher than N1,391,950,164,775.97 the NCS collected in 8M 2021.

Abuja has increased its focus on non-oil revenue sources, prompting higher expectations from revenue collection agencies such as the NCS, Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), among others.

Nigeria plans to borrow N11 trillion to fund the 2023 budget in addition to selling some national assets.

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