The Nigeria Customs Service (NCS) has recorded a huge drop in its first quarter revenue as it collected only N77.9 billion as against N400 billion it was expected to collect in the first three months of the year.
The amount collected represents 19.5 per cent of its projected revenue for the first quarter of the year. The amount is also less than half of the N191.3 billion collected by the Service in the first quarter of 2013.
A document of the revenue profile released by the NCS just released in Abuja shows that N27.4 billion was collected in January, N23.8 billion in February and N26.7 billion in March.
According to the document, out of the revenue collected during the period, N41.7 billion was remitted to the Federation Account and N36.2 billion remitted to the non-federation account.
The revenue, the document stated, was collected from duties, fees and levies.
It added that N7.2 billion was collected on port levy, N1.4 billion from levy on sugar, N7.2 billion from wheat grain levy and N1 million from flour levy.
It also stated that N41.7 billion of the revenue figure was realised from 5 per cent Value Added Tax (VAT) while N131.8 million was from National Export Supervision Scheme (NESS).