N4.1trn Customs target outrageous – ANLCA

Freight Forwarders under the aegis of the Association of Nigerian Licensed Customs Agents (ANLCA), at the weekend, described the N4.1trillion revenue target set for the Nigeria Customs Service (NCS) as outrageous and warned that it would lead to revenue leakage. The federal government has set a revenue target of N4.1trillion to the Nigeria Customs Service […]

Freight Forwarders under the aegis of the Association of Nigerian Licensed Customs Agents (ANLCA), at the weekend, described the N4.1trillion revenue target set for the Nigeria Customs Service (NCS) as outrageous and warned that it would lead to revenue leakage.

The federal government has set a revenue target of N4.1trillion to the Nigeria Customs Service (NCS) in 2022.

This year’s revenue target indicates an increase of 145 per cent of the N1.67 trillion target given to the service in 2021.

The service, last year, surpassed its given target, generating N2.24trillion into the Consolidated Revenue Account (CRA) of the government in 2021.

The Agents believe that the target will pose a major threat to foreign investments.

Speaking at a press conference in Lagos after the association’s National Executive Council (NEC) meeting over the weekend, ANLCA president, Tony Iju Nwabunike said that the revenue target would undermine the productivity of the nation’s economy.

 Nwabunike said: “This high revenue target will place the NCS under pressure and undermine the trade facilitation role of the service.

“Pursuing bigger revenue and failing to strengthen trade results in greater losses to the country as investments are threatened, reduced or made non-existent. The totality of Customs efforts deployed into revenue pursuit reduces the service productivity in many ways.”

This group also urged the Federal Government to consider the huge debt profile of the country before signing into law the $3.1billion Customs Modernization Project.

The ANLCA National President expressed worry that the 20-year project could be another venture that further worsens the country’s debt profile.

 “We call on the National Assembly to ensure the Federal Ministry of Finance, Nigeria Customs Service and all parties involved observe due diligence so the project won’t trap the country in another long debt repayment for 20 years and maybe for a lesser value,” Hon. Nwabunike added.