Why Customs failed to achieve 2023 revenue target — Adeniyi

BY GODWIN OBI

The Comptroller General Customs Service, Bashir Adewale Adeniyi has blamed cash crunch, naira redesign and the general elections for the failure of the Nigeria Customs Service (NCS) to meet its 2023 revenue target of N3.669 trillion.

Speaking during an interactive session with the House of Representatives Committee on Customs and Excise, Adeniyi noted that the service collected N3.202 trillion from January to December 2023, which showed over N400 billion negative variance below target due to the factors listed.

He emphasised that uncertainties and anxiety towards 2023 elections and suspension of excise on single use plastics, carbonated drinks and telecommunications Value Added Tax (VAT) affected customs revenue.

He added that other major causes were the cash crunch, currency redesign, which he said also contributed to revenue loss in the first half as cargo throughput also reduced drastically during the year.