Election Anxiety, Cash Crunch, Naira Redesign Hit us Hard in 2023 – Customs

The Comptroller General (CG), Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has reiterated that the cumulative effects of 2023 being an election year, cash crunch, Naira re-design and other factors led to the drastic reduction in Customs revenue.

He stated this at an interactive session with the House of Representatives Committee on Customs and Excise.

The interactive session was on the review of the Service’s 2023 budget performance and its 2024 proposed budget.

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

Adeniyi said the revenue projection was N3.669 trillion but the Service collected N3.202 trillion from January to December 2023 which showed N4062.9 billion negative variance.

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

In his address, Chairman of the Committee, Rep. 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.

According to him, the impact of E-customs cannot be overemphasized adding that its understanding will make a more technologically advanced customs.

He noted that budget framework must align with the main objective of a reformed customs that will go with the time and deliver it’s mandate.

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