Nigeria Customs urges FG to review Forex Policy as Revenue Falls


Banking Hall

The Comptroller-General of Customs, Retired Col. Hameed Ali, on Friday urged the Federal Government to review the foreign exchange policy which had affected imports and revenue collection.

Ali made the plea in an interview with the News Agency of Nigeria (NAN) in Lagos as maritime activities closed for the week.

He said that Nigeria was an import-dependent economy, adding that this year could be a tough year due to delay in reviewing the forex policy.

Ali said that the service was working hard in making sure that it generated more revenue on excise to complement imports.

“The volume of trade is low. So, there is need for volume of trade to go higher for us to generate more revenue,” Ali said.

In the week under review, the Customs service said it would examine laws concerning the discharge of oil and gas related cargoes in some terminals in the country.

Ali stated this against the backdrop of controversies surrounding the discharge of oil and gas related-cargoes at designated terminals.

The Nigerian Ports Authority (NPA) had last year, issued a directive that all oil and gas related cargoes must be handled only at the designated terminals in Onne, Warri and Calabar ports.

Ali, who went on a tour of facilities of Snake Island Integrated Free Zone (SIIFZ)and Lagos Deep Offshore Logistics Base (LADOL), said the Customs management was now more knowledgeable about the zone’s activities.

He said, “I have listened to your presentations. I would like to assure you that President Muhammadu Buhari’s administration is one of fairness, equity and transparency.”

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