Business
Customs Broker Cautions FG Over N12trn Revenue Target … Harps On Trade Balance
Managing Director/Chief Executive Officer of Widescope International Group, Dr. Segun Musa, has cautioned the Federal Government over the dangers of the N12 trillion 2025 revenue target set aside for the Nigeria Customs Service (NCS).
Musa, who accused the government for the recklessness, stated that the revenue target for Customs is unrealistic, saying that importers are already overwhelmed with the current realities of government policies as it affects international trade .
In view of the economic challenges in Nigeria, the astute freight forwarder advocated for a vibrant manufacturing sector rather than relying on duty on import for stimulation of the country’s economy.
Speaking with our correspondent recently, Dr. Musa, who was one time Lagos State gubernatorial candidate, said increasing import duty in goods coming into the country is a sign of economic weakness and over reliance on imported goods rather than domestic production .
The frontline freight forwarder lamented that the nation’s balance of trade and balance of payment would continue to suffer setbacks if government continues to compel the NCS.
He reiterated the need to focus on internal mechanisms to generate revenue and achieve a balance of trade, rather than relying on import duties only.
Musa, who doubles as Deputy President, National Association of Government Approved Freight Forwarders (NAGAFF), emphasized the need for a strong manufacturing sector to support the economy and reduce reliance on imports.
Speaking further, the outspoken freight forwarder condemned the introduction of the Cargo Tracking Note (CTN) by the Nigerian Shippers’ Council (NSC) saying it is an intellectual fraud.
According to him, it amounts to duplication of duty because the deployment of scanners by the Nigeria NCS has already served the purpose.
Recounting how previous administration jettisoned the idea, he stated that government agencies tried to smuggle the idea through the back door.
He expressed fears that the new policy will jerk up the cost of products in the market with the potential to cause inflation..
Musa criticized the involvement of freight forwarders and Customs officials in promoting CTN, arguing that it undermines the integrity of the import regime.
He also emphasized the need for Customs to be equipped with more scanners and trained to handle inspections effectively, rather than relying on external agencies.
He, therefore, called for a collective effort to educate the public and government officials about the dangers of intellectual fraud in the import regime.
Nkpemenyie Mcdominic, Lagos