The Nigeria Customs Service (NCS) has disclosed that it has begun working with the Central Bank of Nigeria (CBN) to establish stable import exchange rates.
The Comptroller-General of Customs, Adewale Adeniyi, disclosed this during a press conference in Abuja on Wednesday, June 18, 2024, to mark his one year in office.
Adeniyi spoke about the following reported distortions in business planning caused by constant changes in exchange rates in the past few months.
The Customs boss said the service generated about N4.49 trillion in revenue in the last one year.
He said:
According to a Vanguard report, Adeniyi said the success in revenue generation was due to the N15 billion recovery by the Revenue Review Performance Recovery exercise, the N2.79 billion recovered from the 90-day for the regularisation of documents of uncustomed vehicles, N1.5 billion recovered from the decongestion of 1,705 overtime cargoes and 981 cars from the port.
TimesNow.com.ng previously reported that the CBN has reduced the rate to calculate customs import duties at the nation’s ports and airports.
Customs duties are taxes and levies paid on goods imported into the country.
The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.
Source: TimesNow.com.ng
