Importers Fault Revenue Target for NCS, FIRS

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  • Importers Fault Revenue Target for NCS, FIRS

Importers and the Lagos Chamber of Commerce and Industry (LCCI) have faulted the revenue targets given by the Federal government to the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and other government agencies at ports.

One of the importers and a member of the group, Chief Michael Adejare said there were negative manifestations in the manner of import valuation by the Customs.

“Reports reaching the chamber indicate many instances of upward review of values of imports in complete disregard to the values of invoices of such imports.

“Importers have been made to pay import duty and other charges that are far beyond what they ordinarily should have paid. Many investors have suffered untold hardship as a result of this practice, especially when there is no effective dispute resolution system in place,” he said.

Adejare said the idea of giving targets to revenue-generating agencies could result in some unintended consequences.

In view of dwindling crude oil revenue, The NCS and the FIRS, have been given targets.

Another importer, Dr Badmus Solomon said there is a risk that best practice principles will be compromised by the agencies in their desperation to meet targets.

He noted that the downward trend of oil prices in the international market is a setback for the economy.

Solomon said the scenario of sliding oil price has implications for the capacity of the government to meet their statutory obligations.

He said: “On top of that, we are struggling with the problem of crude oil theft, which is taking its toll on output. For an economy that is 95 per cent dependent on oil for its foreign exchange earnings and 85 per cent dependent for revenue, this development should be a cause for concern,” he said.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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