Lagos - Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has disclosed that Nigeria is experiencing drop in revenues from the Nigeria Customs Service because of the federal government’s fiscal incentives.
Revenue from the service as at September, 2013 dropped to N304.6 billion from the N356.01 billion recorded for same period in 2012. This represents a 14 per cent decline, reports The Nation.
Further decline is expected in 2014. Revenue estimates for the year is put at N3.58 trillion, indicating a 13 per cent decline from the 2013 budget estimates.
She attributed the drop in revenue to many factors, but said a lot has to be done to address shortfalls in 2014. She listed eliminating inefficiencies in government and reducing the cost of governance as the most critical areas to be looked at.
Read more at The Nation.