The Nigerian Customs Service (NCS) has said it has generated N837 billion between January and July this year and plans to collect a total of N4.925 billion between 2001 and 2003.
This is as it has warned that the World Trade Organisation (WTO) agreement and Africa Continental Free Trade (AfCFTA) Agreement signed by the Federal Government recently will affect the revenue generation of the Service in the years ahead.
In making projections for 2021, the Customs boss said his agency hopes to generate a total revenue of N1.465 trillion, including import and export and all special levies while it plans to collect in 2022 and 2023 a total revenue of N1.704 trillion and N 1.756 trillion respectively
Its Comptroller General(CG) , Hameed Ali (rtd) gave the figures and the warning, during the week ,while presenting his agency’s projection on the Medium Term Expenditure Framework for 2021 to 2023 to the Senate saying that the two agreements will allow goods to come into Nigeria at zero tariffs.
He said this situation will in addition to the impact of Covid-19 pandemic, adversely affect Nigeria’s revenue but stated that despite the situation, the Customs was still able to collect a total sum of N837billion as of July 2020.
The Customs CG, however, lamented the policy arrangement that makes it possible for Coca-Cola to continue to produce in Nigeria without paying anything to the Nigerian government.
In his reaction, the Senate President, Ahmed Lawan, said that while there is the need to protect indigenous companies, it’s a misnomer for such privilege to be extended to the likes of Coca-Cola, which is an international brand and a dominant player in the beverage industry.
