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Revenue: Customs strengthens collaboration with Benin Republic on transit trade

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The Nigeria Customs Service (NCS) says it is strengthening collaboration with Benin Republic on transit trade, particularly with vehicles to boost revenue generation.

Mr Wale Adeniyi, the Public Relations Officer of NCS, said this on Wednesday in Abuja.

According to him, the service’s recent move to strengthen collaboration with Benin customs is to ensure increase in its revenue generation.

“We (customs) are working with western neighbours of Benin Republic to strengthen our transit trade, particularly with vehicles.

“We are optimistic that our rapprochement with Benin customs will facilitate the process.

“So, we expect that this will have a positive effect on our service revenue generation in the last quarter.

“There are positive indications that the economy may bounce back in the last quarter of the year,”Adeniyi said.

He said that what has affected the service revenue generation so far was access to foreign exchange and the drastic fall in the value of Naira.

Adeniyi added that the removal of the 41 items from the CBN foreign exchange window also affected the service revenue generation.

He said that the service was doing everything possible to increase its revenue generation in the last quarter.

The PRO noted that the service had renewed its commitment to fiscal policy implementation to increase revenue generation.

He added that in the past few months the seized smuggled goods, rice seizures account for over 70 per cent.

“We (customs) are raising the stakes to create huge disincentives to smuggling of rice and other prohibited products,’’ he said.

NAN