Customs collects N2.5trn as revenue in 34 months

The Nigerian Customs Service (NCS) has said that it collected a total of N2, 528, 466, 964, 156. 74, as revenue accruable to government between 2014 and 2016. This is even as the service revealed that Cost, Insurance and Freight (CIF) value of exports from Nigeria currently stands at N233, 642, 521, 641 while total imports (ECOWAS) is N360, 714, 779, 595.

The Comptroller-General of Customs (CGC), Col. Hameed Ali (Rtd.) disclosed this over the weekend while delivering a paper titled, “Oil Revenue for Economic Growth: Impact of Nigeria Customs Service” at a maritime conference held in Lagos.

The Customs CG said that a significant part of the amount formed part of monthly allocations to the three tiers of government to execute projects aimed at stimulating the economy, provision of infrastructure and social services.

According to the Customs boss who was represented by the NCS image maker, Wale Adeniyi, “In 2014, the NCS collected a total of N99, 099, 172, 939.51 as revenue into government coffers.

“In 2015, N904, 072, 689, 941.72 was collected by the Service into government coffers; while between

January to September 2016, we have already collected N647, 295, 102, 275. 51. Aside all this figures, a total of 17,173 seizures with a Duty Paid Value (DPV) of N22, 274, 606, 826. 9 were made.

“The huge seizure count represents the havoc which smugglers would have wreaked or expressed in terms of the toll it would have taken on the local producers of the seized products.”

On the Common External Tariff (CET) he said, “The CET is structured as a protectionist instrument for the local economy. While raw materials, machineries are primary products required as input for local manufacturing industries, on the other hand, finished products are clamped with high rates of duty and additional levies with a long list of items under import prohibition to stimulate local production.”

Ali further informed that NCS was a major implementer of the Economic Community of West African States (ECOWAS) Trade Liberalization Scheme (ETLS) which he said was a policy put in place to encourage sub-regional trade.

He maintained that through the scheme, goods produced within the community were granted free market access in the region adding that contrary to widely held position on the scheme, Nigerian products were taking maximum advantage of it, keeping jobs in Nigeria and earning FOREX from their exports. According to him, “In the past three years; Cost, Insurance and Freight (CIF) value of exports from Nigeria under the scheme stood at N233, 642, 521, 641 while total imports from the 14 other members is N360, 714, 779, 595.

The major commodity manufactured in Nigeria for ECOWAS market includes Cigarettes, Cocoa Paste and Beans, Sesame Oil, Milk and Milk powder, footwear, Cashew nuts, sea food, floating or submersible drilling services.”