Custom records N400bn revenue shortfall, blames insecurity

Nigeria Customs Service (NCS) has blamed the Service’s inability to meet its annual revenue target of N3.1 trillion in 2022 on the high rate of insecurity in the northeastern part of the country.

Hameed Ali, the comptroller-general disclosed this to journalists after a meeting with President Muhammadu Buhari at the Aso Villa.

Ripples Nigeria had earlier reported that customs announced N1.02 trillion in the Apapa Port, and over N574.3 billion in the Tin-Can Island Port Command, both the highest revenue-generating commands of the service.

Read also:NCS detains officer in video arresting trucks laden with fuel

However, Ali was not satisfied and believed the N400 billion shortfall would not have happened if not for insecurity and bureaucracies in government policies in the year 2022.

He said that the targeted revenue for the Service for 2022 was pegged at N3.1 trillion, but it was only able to generate N2.6 trillion.

His words: “The shortfall of over N400 billion was due to a lot of factors including the fluctuation of the naira, the fiscal policies, and border issues among others. So, if you put all these factors together, and look at the target we were given, you can now come to the conclusion that the sheer amount of money that would have come to the government is out there.

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