Reps charge Customs to generate extra N200bn; put total at N1.68trn

Reps Increase Customs’ Revenue Target To N1.6trn

Reps charge Customs to generate extra N200bn; put total at N1.68trn     The House of Representatives on Thursday increased the revenue target of the Nigeria Customs Service (NCS) from N1.47 trillion to N1.68 trillion as expected revenue for the 2021 fiscal year. The House also approved about N257,183,671,694.71 as budget for the NCS for this year and another N216,646,579,231 as budget for the Federal Inland Revenue Service (FIRS) for the same period. The House also approved the request from the president to borrow about $1.5 billion and Euro 995…

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Customs awaits finance ministry’s nod to begin 25% slash on imported vehicles’ duties

imported vehicles' duties

Customs awaits finance ministry’s nod to begin 25% slash on imported vehicles’ duties   The reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service (NCS) said on Tuesday. Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was only waiting for an official communication from the finance ministry on the matter any moment from now. He said the vehicle tariff reduction, as contained in the 2020…

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