Finance

Customs generate N46.85bn in first quarter

The Ports and Terminal Multiservices Limited Command of Nigeria Customs Service has recorded N46.85bn as total revenue collection for the first quarter of 2021.

According to a statement signed by the spokesman of the command, Muhammad Yakubu, the command collected N45.40bn as revenue between January and March 2020.

A month by month breakdown of the first-quarter collections with 2020 comparison shows that N15.21bn was collected in January 2021. This is 7.6 per cent lesser than the N16.46bn collected in January 2020.

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According to the statement, the command collected N11.71bn in February 2021 which is 11.9 per cent lesser than the N13.3bn collected in the same period of 2020.

In March, there was a total collection of N19.94bn. This is 27.4 per cent higher than the N15.65bn collected in March 2020.

The statement attributed the earlier shortfalls recorded in the first two months of the year to the low volume of trade occasioned by the lull in economic activities due to COVID-19 pandemic.

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Area Controller of the command, Festus Okun in the statement enjoined importers and agents using the PTML port for their businesses to imbibe and sustain good business etiquettes such as sincere declarations, prompt duty payment and keeping to all other extant rules as contained in the Customs and Excise Management Act and other guidelines.

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He advised that they continually acquaint themselves with import and export prohibition lists and seek appropriate clarifications where necessary on areas like Harmonised System code to achieve flawless classification of their cargoes.

Punch

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