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Nigeria Customs Denies Increase In Import Duty Rates
Nigeria Customs Denies Increase In Import Duty Rates....KINDLY READ THE FULL STORY HERE▶
The Nigeria Customs Service has clarified that it has not increased duties on imports independently but has aligned them with the new foreign exchange (FX) rate set by the Central Bank of Nigeria (CBN). The Comptroller General of the service, Adewale Adeniyi, emphasized this during an interview on Arise Television…….CONTINUE READING
Adeniyi explained that the adjustment in duties is a consequence of the CBN’s move to enforce a single FX window, consolidating various segments of the forex markets. He stressed that the customs authority follows rates specified through this merged window and does not independently influence rate changes.
In December, the federal government raised import duties by up to 22.24%, triggering concerns about worsening inflation. Adeniyi argued that the customs service cannot act unilaterally and must adhere to rates prescribed by the CBN.
He highlighted the implementation of technology to address complex challenges in customs administration, including port competitiveness and efficiency. Adeniyi acknowledged the pressure to perform due to high expectations and emphasized the broader responsibilities of the customs service, extending beyond revenue collection to include trade facilitation and security.
Regarding the Minister of Finance’s directive to remove import duty on steel and electric vehicles, Adeniyi assured that the customs service would implement all fiscal policies aimed at fostering development in various sectors.
Adeniyi prioritized the welfare of customs officers, citing provisions for insurance cover for injuries during duty and efforts to ensure timely promotions. He mentioned capacity-building programs for officers and a recent promotion exercise benefiting over 2,400 customs officers.
Looking ahead, Adeniyi announced plans to review salaries and allowances to motivate officers and achieve the N5.1 trillion revenue generation target for 2024. He emphasized leveraging technology to enhance customs operations, leapfrog revenue generation, and improve overall efficiency.
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