Seme Customs Reports Drop in Q1 Revenue

The Nigeria Customs Service (NCS), Seme Command, has reported a shortfall in foreign trade revenue in the first quarter. According to the Customs Area Controller, Dera Nnadi, the command generated a total of N350 million in revenue from imports, which is 23.09% lower than the N455 million recorded in 2022. Nnadi attributed the deficit to the lull in business activities due to the scarcity of cash and the wait-and-see posture that preceded the general elections. He also cited the Republic of Benin’s economic policy, which charges on goods in transit to Nigeria, as a tariff barrier to trade along the corridor, affecting the command’s revenue.

On export trade, the command facilitated 1,243 trucks with made-in-Nigeria cargo, which had a free on-board value of N4.3 billion and the National Export Supervision Scheme (NESS) fee of N21.5 million. In comparison, the previous year had recorded 3,006 trucks with a free on-board value of N6.5 billion and NESS fees of N33 million. The decline in export was attributed to competition between Dangote Cement and competitors in Togo.

The command also seized fake $6 million (the equivalent of N2.763 billion at the exchange rate of N460.52) and handed it over to the Economic and Financial Crime Commission (EFCC). Other sources of revenue for the command are fees collected from the auction sales of seized items, especially petroleum products and other perishable items.

Nnadi stated that the deficit in revenue was due to several factors, and it’s important to address them to boost revenue generation. As the year progresses, the command hopes to make up for the revenue shortfall and improve its foreign trade operations.

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