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Customs Suspends VIN Valuation Policy On Imported Used Vehicles

The Nigeria Customs Service (NCS) on Tuesday announced the suspension of the implementation of the Vehicle Identification Number (VIN) valuation policy recently introduced on imported (used) vehicles. The Service, in a circular dated March 7, 2022, titled ‘Approval Of Grace Period, To Clear Backlog Of Vehicles’, stated that the suspension took effect from today, Tuesday, […]

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Nigeria Customs Intercepts Pangolin Scales, Elephant Tusks Worth N3.1Bn

The Comptroller-General of the Nigeria Customs Service (NCS), Col. Hameed Ali (rtd), on Wednesday disclosed that the Service’s Zone A Strike Force Unit intercepted pangolin scales and elephant tusks worth N3.1 billion in Lagos. Ali, at a press briefing in Lagos, said the seizures were carried out on the 2nd of February, 2022 at the […]

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Nigeria Customs Impounds N4.6Bn Worth of Contraband Items In Lagos

The Nigeria Customs Service (NCS) Federal Operations Unit, Zone A, Lagos on Thursday reported that it impounded contraband goods with Duty Paid Value, DPV, of N4.6 billion. The Acting Customs Area Comptroller, Hussein Ejibunu, who made this disclosure to journalists, said the seized items comprised 9,697 bags of rice at 50kg each, 3,173 cartons of […]

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ANCLA Flaws N4.1Trn Revenue Target For Customs Service

The Association of Nigeria Licensed Customs Agents (ANLCA) has criticized the Federal Government on the N4.1 billion revenue target set for the Nigeria Customs Service (NCS) in the 2022 fiscal year, describing it as a high target that will put undue pressure on the Service. The association also stated that the target would also undermine […]

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Senate Passes 2022-2024 MTEF/FSP, Endorses FIRS’ Collection Of VAT

The Senate  on Wednesday passed the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) ahead of the expected laying of the 2022 Appropriation Bill before the joint session of the two chambers of the Legislature by President Muhammadu Buhari. The passage of the 2022-2024 MTEF/FSP was sequel to the consideration of  the report […]

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Yusuf Carpets Customs Service Over Proposed Excise Duty On Drinks

A leading economist and private sector advocate, Dr. Muda Yusuf, has described proposed the re-introduction of excise duty on the production of soft drinks in the country by Nigeria Customs Service (NCS) as ill-timed, insensitive and most inappropriate given the prevailing harsh economic and business conditions. Yusuf, the immediate past Director General of the Lagos […]

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Senate Accuses CBN, NNPC Of Profligacy, Agencies Debunk Allegation

The Senate on Wednesday accused Government Owned Enterprises of worsening the current dwindling revenue situation of the country and accused them of engaging in spending spree instead of remitting the appropriate funds into the federation account. The Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola, made the allegation on Wednesday at a […]

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Reps Laud NNPC On Oil Sector’s 2022-2024 MTERF/FSP Clarifications

House of Representatives Committee on Finance has commended the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, for providing detailed explanations on some oil industry issues during an interactive session on the 2022-2024 Medium Term Expenditure and Revenue Framework (MTERF) and Fiscal Strategy Paper (FSP). The Chairman of the House […]

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Nigeria Customs Intercepts Pangolin Scales, Elephant Tusks Worth N22.3Bn

Comptroller General of Customs, of the Nigeria Customs Service (NCS), Col. Hameed Ali (Rtd.) on Wednesday said that the Service intercepted pangolin scales and elephant tusks worth N22.3 billion in Lagos. The Comptroller General, who made the disclosure while addressing newsmen, said the pangolin scales which weighed 17,137.44 kilogrammes; pangolin claws, 4.60 kilogrammes and the […]

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Senate Approves N1.678Trn Revenue Target For Customs Service

The Senate on Wednesday approved a total of N1.678 trillion revenue target for the Nigeria Customs Service (NCS) for the 2021 fiscal year. The Upper Chamber also, in a news report by the News Agency of Nigeria (NAN), at the plenary approved a total expenditure of N257 billion for the Service, including retained earnings for […]