FG cuts Customs projected revenue by N49 billion

0
275

The ban on vehicle importation through the land borders as well as the review of other fiscal items may have forced the Federal Government to reduce the projected revenue from the Nigeria Customs Service by N48.8 billion in the 2017 fiscal period.

The N48.8 billion cut in projected revenue from the NCS is part of the proposals to be made by President Muhammadu Buhari when he submits the 2017 budget proposals to the National Assembly on Wednesday.

Top officials in the Budget Office confided in our correspondent that based on the revenue projections of the Federal Government for next year, the NCS was expected to generate a total sum of N277.56 billion.

In the 2016 fiscal period, the service was given a revenue target of N326.4 billion. One of the officials said the drop in projected revenue of the Customs by the Federal Government was necessitated by the fact that less emphasis was being placed on importation.

- Advertisement -First Bank mobile money