By Omotosho Victor Fiyinfoluwa (SIWES student, Federal Polytechnic Ado-Ekiti)
The Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, attributed the revenue shortfall in 2023 to various factors including the impending general elections, cash constraints, the Naira redesign policy, and other related uncertainties.
During an interactive session with the House of Representatives Committee on Customs and Excise, Adeniyi highlighted that factors such as election anxiety, the suspension of excise on certain products, and fluctuations in currency value significantly impacted Customs revenue.
Adeniyi revealed that the revenue projection for the year was N3.669 trillion, but the actual collection amounted to N3.202 trillion, resulting in a negative variance of N4062.9 billion below the target due to the mentioned factors.
He emphasized that despite the challenges, the NCS exerted efforts to meet targets, albeit hindered by issues like Import Duty Exemption.
Chairman of the Committee, Leke Abejide, stressed the importance of E-customs in enhancing trade facilitation and technological advancement within Customs operations.
He underscored the need for budget frameworks aligned with the objective of a reformed customs service capable of delivering efficiently in contemporary times.
Abejide assured that the committee would intensify its oversight functions to ensure compliance with set objectives and regulations, signaling a commitment to addressing the identified challenges within the Customs sector.
