The Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi says that the cumulative effects of 2023, being an election year, cash crunch,Naira re-design and other factors led to the drastic reduction on Customs revenue.
The Comptroller General of the Custom stated this at an interactive session with the House of Representatives Committee on Customs and Excise on the review of the 2023 budget performance and its 2024 proposed budget
According to Adeniyi uncertainties and anxiety towards 2023 elections and suspension of excise on single use plastics, carbonated drinks, telecommunications VAT affected Customs revenue.
The Custom CG added that, other major causes were the Cash crunch, currency redesign also contributed a lot to the revenue reduction in the year 2023.
The CG explained that the revenue projection was N3.669 trillion but the Service collected N3.202 trillion from January to December 2023 which shows a negative variance below target due to the factors earlier listed.
Earlier In his, Chairman of the Committee, 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 the Committee Chairman, impact of E-customs cannot be overemphasized adding that it’s understanding will make a more technologically advanced customs.
Mr. Abejide emphasized that the committee will intensify its oversight function to ensure adherence to the set objectives and laws.