- Apapa Customs hits N2trn revenue collection, aims to surpass target before December
The Federation Account Allocation Committee says it shared N1.41 trillion among the three tiers of government in October 2024.
The amount shared represents an increase of N113 billion compared to the N1.29 trillion shared in September.
The allocation figures were captured in a FAAC communiqué issued at its monthly meeting on Wednesday, chaired by Oluwatoyin Madein, accountant-general of the federation.
The committee’s meeting was held after the 2024 National Council on Finance and Economic Development hosted by the Bauchi State government.
The FAAC said the total gross revenue for October was N2.668 trillion.
The committee said the distributable revenue of N1.41 trillion comprises gross statutory revenue (N206.319 billion), value-added tax (N622.312 billion), electronic money transfer levy (N17.111 billion), and the exchange difference (N566 billion).
The communiqué said out of the amount, the Federal Government received N433.021 billion, the states got N490.696 billion while N355.621 billion went to the local government councils.
“The Oil Producing States received N132.404 Billion as Derivation, (13% of Mineral Revenue),” “The sum of N97.517 billion was given for the cost of collection, while N1.159 trillion was allocated for Transfers Intervention and Refunds,” the communiqué reads.
The communiqué said the gross revenue available from the value-added tax (VAT) for the month of October was N668.291 billion as against N583.676 billion distributed in the preceding month, resulting in an increase of N84.616 billion (14.4 percent).
From that amount, FAAC said the sum of N26.732 billion was allocated for the cost of collection and the sum of N19.247 billion was given for transfers, intervention and refunds.
The remaining sum of N622.312 billion was distributed among the federal (N93.347 billion), states (N311.156 billion) and local government (N217.809 billion).
“Accordingly, the Gross Statutory Revenue of N1.336 Trillion received for the month was higher than the sum of N1.043 trillion received in the previous month by N293.009 billion,” the committee said.
“From the stated amount, the sum of N70.072 Billion was allocated for the cost of collection and a total sum of N1.060 Trillion for Transfers, Intervention and Refunds.
“The remaining balance of N206.319 billion was distributed as follows to the three tiers of government: Federal Government got the sum of N77.562 Billion, States received N39.341 Billion, the sum of N30.330 Billion was allocated to LGCs and N59.086 Billion was given to Derivation Revenue (13% Mineral producing States).”
In addition, the sum of N17.824 billion from the electronic money transfer levy (EMTL) was distributed to the three tiers of government with the federal government receiving N2.567 billion and states collecting N8.555 billion.
FAAC said while the local government councils received N5.989 billion from the EMTL revenue, N0.713 billion was allocated for the cost of collection.
The communiqué also disclosed that out of the sum of N646 billion from exchange difference, the federal government received N259.545 billion, states got N131.644 billion while N101.493 billion was allocated to local government councils.
The committee said N73.318 billion was given for derivation (13% of mineral revenue) while N80 billion of the exchange difference was allocated to transfers, interventions and refunds.
According to FAAC, oil and royalty, excise duty, VAT, import duty, petroleum profit tax (PPT) and companies income tax (CIT) increased significantly, while EMTL and CET levies decreased considerably.
Apapa Customs hits N2trn revenue collection, aims to surpass target before December
Also, the Apapa Port Command of Nigeria Customs Service has achieved a revenue collection of N2.01 trillion as at November 19, 2024.
This was contained in a statement signed by the Command’s spokesman, Usman Abubakar, on Wednesday.
According to the statement, the Customs Area Controller of the command, Comptroller Babatunde Olomu, informed that the command aims at achieving its N2.2 trillion target for this year by the end of this month ahead of December.
Comptroller Olomu said the command is drawing inspiration from the Comptroller General of Customs, Adewale Adeniyi, who announced the total collection of N5.07 trillion by the Service on Tuesday at the just concluded CGC Conference in Abuja.
Apapa Port Command plays a critical role in the overall performance of the Service nationwide.
He said the Command contributed 40% (forty percent) of the N5.07 trillion total target of the Service that has been met so far, which underscores the high expectations and responsibility on the command.
While addressing his Officers, he urged them to uphold professionalism in line with the outstanding examples set by Adeniyi in revenue collection, trade facilitation, uncompromising enforcement and sustained stakeholder engagement in the service and national interest.
He charged the officers to keep the trajectory of good revenue and enforcement records sustained and ensure that seizures made from smugglers should be backed with suspects for prosecution.
He added that arresting smugglers with their wares would cause greater impact in the fight against smuggling.
Comptroller Olomu also used the medium to update his officers on important highlights from the just concluded CGC Conference.
He directed them to imbibe the spirit and letter of the theme, which was “Engaging Traditional and New Partners With Purpose.”
To him, the NCS 2024 CGC Conference theme aligns with that of the World Customs Organisation which seeks to leverage on achievable gains from cordial relationships across organisations and individuals to achieve customs goals.
He listed some outcomes from the conference which include sustenance of diligent import and export cargo examination with the deployment of hundred percent physical examination where necessary; granting of access to enforcement unit officers to view the Nigeria Integrated Customs Information System platform; and avoidance of Indiscriminate intervention alerts which makes service personnel appear to be working at cross purposes.
Comptroller Olomu further announced that the command is planning an award night for deserving officers and stakeholders that have contributed to its success in 2024.
He also gave plaques of award to some units and individuals for excellent discharge of their functions.
The Compliance Unit was honoured for the recovery of over N2 billion in the last three months. Efforts of the Revenue Recovery Unit that also prevented the loss of N3b within the last three months were also recognised.
While Assistant Comptroller M. Samad received an award from the CAC for due diligence and regular detection of under valuation, the Controller also honoured Inspector of Customs, Adamu Bashir, as the best dressed and punctual officer.
