Customs revenue rises by 16% to N1.56tn despite borders closure – Newstrends
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Customs revenue rises by 16% to N1.56tn despite borders closure

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Nigeria Customs Service surpassed its 2019 performance by 16.4 per cent to hit N1.56tn at the end of 2020, despite the closure of the nation’s land borders for the period.

Nigeria shut all its land borders since August 2019, thereby freezing revenue that could have accrued from imports through the borders.

The NCS had argued that its revenue would be boosted with the border closure.

Many stakeholders felt the problem was more of leakages and corruption which denied the Customs the revenue accruable from duties payable on land border imports.

A statement by the Public Relations Officer at the NCS, Deputy-Controller Joseph Attah, in Abuja, on Wednesday, indicated that the customs generated N1.562 trillion in revenue in 2020 against the target of N1.380 trillion.

He said the revenue was also ahead of the N1.342 trillion recorded in 2019.

The performance, according to him, was coming against the adverse impact of the coronavirus (COVID-19) pandemic on the economy during the period under review.

Attah said that the border closure which had forced cargoes that could have been smuggled through the porous borders to come through the sea and airports also significantly contributed to raising revenue collection from ports.

He stated, “Before the commencement of the border drill on 20th August 2019, revenue generation was between N4 billion to N5 billion but now NCS generate between N5 billion to N9 billion daily.

“Diplomatic engagements that took place during the partial land border closure yielded many positive results, including commitment to comply with the ECOWAS Protocol on Transit. Operationalization of joint border patrols at both sides of the border.

“The teams are required to share intelligence and ensure prevention of transit of prohibited goods into the neighbor’s territory.”

Attah said that the NCS would strictly implement the outcome of the diplomatic engagements as the land borders open for movement of cargoes.

He added that intelligence gathered during the period and the introduction of the e-Customs whose components include installation of scanners at all entry points would enhance border security and boost national trade facilitation.

The NCS spokesman also said seizures of 4,304 assorted items with a duty paid value of N28.287billion were recorded within the period under review.

He said, “These seizures include arms, ammunitions, illicit drugs, used clothing, vegetable oil, frozen poultry and foreign rice among others that have grave consequences on economy security and well being of Nigerians.”

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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