Customs Sets New Revenue Target after Announcing New CBN Exchange Rate for Cargo Clearance

• The Nigeria Customs Service has said it targets N1.13 trillion in revenue in 2024 from the Tin-Can Island Port Command
• The Customs Area Controller of the Tin-Can Islan Port, Dera Nnadi, said the set target is about 27% of the national budget
• The statement comes as the Services said it fully consulted the CBN before setting the exchange rate for cargo clearance

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The Nigeria Customs Service (NCS) has set N1.13 trillion as a Tin-Can Island Port Command revenue target.

The Customs Area Controller of the Tin-Can Island Port Command, Dera Nnadi, disclosed this on Tuesday, January 16, 2024, and said the target allocated to the Tin-Can Island command makes up 27% of the national budget.

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Customs set daily, weekly, and monthly targets for 2024

According to Nnadi, the revenue target was N801.5 billion, out of which it could collect N716.5 billion, representing 89% of its budget.

He said:

"However, in 2024, the Controller General of Customs (CGC) and its management have increased it to N1.13 trillion.

"This translates to the monthly target of N94.23 billion, which translates to N21.7 billion every week, and that means daily officers and men of the command, with the support of stakeholders, are supposedly to collect N4.23 billion every day."

Per the Customs top shot, the Command's weekly target was N66 billion in 2024 from June to December, averaging N76 billion, meaning the 2024 target was achievable.

Tin-Can Island Port to generate 27% of Nigeria's 2024 budget

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Vanguard reports that Nnadi said the Command has declared the new year as the year of stakeholders, stating that it believes they will reciprocate the gesture by declaring appropriate duty and complying fully.

He said that the Nigerian economy remains an import-generation economy, adding that the Customs will design a strategy to enable freight forwarders early cargo clearance to avoid accumulating demurrage.

'Customs' new exchange rate was set by CBN'

The development came after the Comptroller-General of Customs, Adeniyi Adewale, said that the recent hike in exchange rates affecting import and export transactions at the ports was set by the Central Bank of Nigeria.

The Customs boss revealed that the Service is considering implementing a salary review for officers very soon.

Adeniyi said that with the current government's merger of the forex market and its various segments, the Service cannot independently set exchange rates without consulting the apex bank.

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“We Cannot “: Nigeria Customs explains the exchange rate for importers to clear goods at ports

Earlier, Legit.ng reported that The Nigeria Customs Service (NCS) has explained that the fluctuations in import duty rates over the past few months are not the result of the service's actions.

Adewale Adeniyi, the comptroller general of the NCS, said this on Tuesday, January 16, 2023.

Speaking on AriseTV, Adeniyi said the NCS does not fix rates without recourse to the merged foreign exchange window.

Source: Legit.ng