Cash crunch, Electoral Uncertainties affected Customs Revenue…CG Customs

By Linda Ike

The Comptroller General of Nigeria Customs Service (NCS), Bashir Adeniyi said the drastic reduction on customs revenue is as a result of the cumulative effects of 2023 electoral uncertainties, cash crunch, Naira re-design.

Adeniyi stated this on Wednesday during the presentation of 2023 budget performance and 2024 budget proposal of the service at the National Assembly.

He said that uncertainties and anxiety towards 2023 elections and suspension of excise on single use plastics, carbonated drinks, telecommunications VAT affected Customs revenue.

He added that these factors also contributed a lot to the revenue in the first half of 2023 as Cargo reduced drastically in the year under review.

Adeniyi disclosed that the revenue projection was N3.669 trillion but the Service collected N3.202 trillion from January to December 2023 which shows a N4062.9 billion negative variance below target due to the factors listed.

He said the NCS has done its best to meet targets but were hampered by the factors which include Import Duty Exemption.

Adeniyi affirmed that Nigeria customs service will enhance its service with the use of technology.

Chairman of the house Committee on customs, Leke Abejide said, over the four budget cycle, the Committee has witnessed the emphasis placed on E-customs for trade facilitation and other economic contributions of the process.

He stated that the impact of E-customs will make a more technologically advanced customs.

Abejide assured that the committee will intensify its oversight function to ensure adherence to the set objectives and laws.