Stakeholders fault move to increase Customs’ revenue target

Amid existing economic challenges and moves to jerk up the N5.1 trillion revenue of the Nigeria Customs Service (NCS) from the second half of this year to stave borrowings, port users have said the move would increase inflation, as businesses would hugely be affected.

They argued that the decision would also affect the manufacturing sector, as prices of goods and services, as well as cost of transportation, would skyrocket.

In September 2023, the Debt Management Office said the nation’s public indebtedness, which includes external and domestic obligations, was N87.38 trillion ($113.42 billion).

Comptroller-General of Customs, Bashir Adeniyi, has assured the Senate of overshooting the target.

Former President of Shippers Association of Lagos (SAL), Jonathan Nicol, said unemployment would increase, especially as some companies were already shutting down due to paucity of funds.

He stressed that where the citizens are impoverished, the nation becomes epileptic.

Nicol advised the government to ensure fair distribution of the nation’s resources.

National Public Relations Officer of Association of Registered Freight Forwarders of Nigeria (AREFFN), Taiwo Fatomilola, said the hike in exchange rate was to make Customs achieve its target, noting that the impact would be grave on the economy and the masses.

However, more Nigerians have continued to lament, as the cost of living rises.

They fumed that the hardship and hunger in the country were biting so intense that they could barely feed their families.

The Guardian gathered that citizens are facing intense financial strain due to significant surge in commodity prices.