Nigeria Customs Service Realises N573 Billion in Five Months

Nigeria Customs Service

Nigeria Customs Generate N573 billion in the First Five-Month of 2020

The Nigeria Customs Service (NCS) has said it will exceed its revised 2020 revenue target of N957 billion in 2020.

Sanusi Umar, the Deputy Comptroller General, NCS, disclosed this on Thursday while representing the Comptroller General, Colonel Hameed Ali at the Senate in Abuja.

Umar said “The target given to the NCS in the initial 2020 budget approved by the National Assembly in December last year was N1.6tn but due to the COVID-19 pandemic, the target was reviewed to N957bn.

“As of January to May, the service has collected N573bn.”

The Senate had revised down the service target for the year from N1.6 trillion to N957 billion following the negative impact of COVID-19 on the nation’s economy.

The Senate urged the service to exceed its revised target by blocking all revenue leakages in 2020.

However, Senator Admanu Aliero, a member of the Senate Committee, expressed concerns over the possibility of the customers to meet its revised target given the drop in oil revenue and lack of forex needed by the nation’s importers to bring in goods.

He, therefore, urged his colleagues to consider another downward review of the service revenue target for 2020 in order not to overstretch the service.

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

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