CEM REPORT, TRADE | The Comptroller General of the Nigeria Customs Service (NCS), Adewale Bashir Adeniyi, has assured Nigerians that the service would implement the Ministry of Finance’s directive on the removal of import duties on steel and electric vehicles as well as value-added tax (VAT) on LPG.
Adeniyi, who spoke during an interview, said the service would implement all fiscal policies directed by the federal government to revive the economy and communicate to the public to make people understand the rationale behind the policies.
Specifically, the CG mentioned that the Customs Service would adhere to the fiscal policies of the administration concerning import and export duties.
He stated that the removal of 7.5% VAT on LPG equipment imports and the removal of VAT on steel and Electric vehicle imports into the country.
Exchange Rate Review
Speaking on the recent review of foreign exchange, which recently affected import and export transactions at the ports. He said the review was done by the Central Bank of Nigeria (CBN) and not Customs. He explained that due to the convergence of the various rates, Customs cannot independently use exchange rates without recourse to the official rate.
“One of the reforms that have been undertaken in the very few days of the present administration is the merger of the FX market and its various segments. This has repercussions and effects on our operations. What this means is that we cannot use exchange rates independently. We cannot use exchange rates that are not determined or specified through the merged FX rate.
“So, what we do is just update our systems. It is not about Customs reducing or increasing the exchange rate. We have nothing to do with whether the exchange rate goes up or down. We follow what is prescribed for us by the monetary authority, which is the CBN,” he said.
Custom Revenue Generation and Trade Facilitation
The Comptroller General also noted that the duties of the Customs Service go beyond revenue generation but trade facilitation and NCS hopes to leverage the African Continental Free Trade Agreement (AfCTA) to improve trade trade between African countries which coincidentally leads to more revenue generation.
However, he noted that the Customs Service has increased its revenues by 37% since he assumed office and has set a target of ₦5.1 trillion in revenues for 2024.
Service Salary Review
The Customs boss also revealed that the service was considering implementing a salary review for officers, noting that attending to the welfare of officers was one of his priorities.
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He said the service would make provisions for insurance cover for those that have any form of injuries, while discharging their official duty, adding that career progression also comes under officer welfare.
The Road Ahead:
The successful implementation of these policy changes will hinge on clear communication, efficient administrative processes, and close collaboration between the NCS, other government agencies, and stakeholders. By embracing transparency, adaptability, and a focus on both economic and environmental progress, the NCS can play a vital role in driving Nigeria’s economic and social development.
