Business
Senate to tinker with reform of Nigeria Customs
The Eighth Senate wiil on Wednesday November 9, 2016, consider a legislation to reform the administration and management of the customs and excise system in Nigeria.
The bill, the Customs and Excise Management Act establishes a new Nigeria Customs Service and repeals other customs and excise legislation.
The bill creates a Custom and Excise governing Board to oversee the administration of the Customs Service. The Board shall be responsible for formulating the general policy guidelines and matters pertaining to the governance assessment and collection of revenues.
Speaking on the development, the Senate President Bukola Saraki, stated that, “The Senate identified the Customs and Excise Act as one of its 11 priority economic bills because of its implications for promoting Nigeria’s international trade.”
Read also: Foreign investment into Nigeria drops by 53% –NBS
“It is important that this legislation be viewed as a vehicle to advance Nigeria’s trading opportunities given the significance of expanded trade for diversifying our economy,” he said.
according to a statement from the media office of the Senate, the legislation allows for the employment of electronic systems and for the exchange of information between the Customs Service, agencies of the Federal Government and traders.
With the passage of the bill, the Customs Service shall ensure that all relevant information of a general nature pertaining to customs matters are made publicly available on the Customs Service’s website and other designated platforms.
The Senate President said, “The proposed Customs Service will have the authority to police our borders and work cooperatively with other agencies to promote transparency.”
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