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Customs Seeks Forex Restriction Review To Boost Revenue

…Service Loses N230bn in Last Quarter 2015

The Comptroller-General of Nigeria Customs Service, Colonel Hameed Ali has urged the Federal Government to review the foreign exchange policy which affects imports and customs revenue collection.

He reiterated in a press statement issued by the Customs Spokesperson, Wale Adeniyi, who disclosed that government has lost a whooping N230b in the last quarter of 2015 due to the restrictions.

The restrictions and its impacts had formed the crux of a recent meeting the Customs chief held in Lagos with some members of the business community under the aegis of Manufacturers Association of Nigeria (MAN). A statement from the customs disclosed that Ali has made a presentation to the Vice President for a reconsideration of the policy for its review.

According to the statement ”The Comptroller- General of Customs noted that the policy had created a revenue shortfall to the tune of N230 billion in the last Quarter of 2015. He informed the forum that the request for a review has been tabled before the Vice-President”

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Government’s non oil revenue through customs duty collection has nosedived as a result of low volume of imports caused by the restriction policy.