Border Closure: Customs Revenue Hits N8bn Per Day

Alhaji Lai MohammedMinister of Information and Culture, Alhaji Lai Mohammed.
  • Border Closure: Customs Revenue Hits N8bn Per Day

The ongoing border closure is aiding revenue generation as the Nigeria Customs Service (NCS) now generates at least N8 billion per day, according to the Minister of Information and Culture, Alhaji Lai Mohammed.

Mohammed made the statement during an assessment tour of the Nigerian border with the Niger Republic in Magama Jibia, Katsina State.

The minister said prior to the closure, the Customs were only generating N4.5 billion daily. He said this translates to over 30 percent increase in revenue since the borders were closed in August.

“Smuggling of petroleum products out of Nigeria has been greatly reduced. The closure of filling stations along the border is a huge success. There are hundreds of filling stations along the borders. We counted many as we drove to the border this morning. They were set up purposely for smuggling. They don’t sell the fuel consignment they receive to the public. About 50 percent of them are owned by foreigners. Now that they are closed, we have recorded over 30 per cent reduction in domestic fuel consumption,” Mohammed said.

He said the land borders were closed to protect the local market and improve local production.

“As a matter of fact, since the exercise commenced over three months ago, local businesses across the country have continued to thrive, as farmers and rice millers in particular are now having turnover on investments.

“The border closure, has curbed the smuggling of foreign rice into the country, in addition to other prohibited items; increased the monthly import revenue by over 15 per cent; led to significant seizures with estimated monetary value of over N3,500,000,000; reduced local fuel consumption by 30 per cent as well as reduced the importation of arms, ammunition and drugs,” he explained.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

Be the first to comment on "Border Closure: Customs Revenue Hits N8bn Per Day"

Leave a comment

Your email address will not be published.


*