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Hike in duty exchange rate threatens Customs’ N5.1 trillion revenue target, as agents lament impact on import business

The Eyewitness Reporter 

The latest hike in the Customs duty exchange rate by the Central Bank of Nigeria (CBN) has thrown the freight forwarding business into disarray as the practitioners are presently reeling under the heavy impact of the increase.

It would be recalled that the trading public woke up Friday, February 2nd, 2024 to the shocking news that the CBN, once again and for the umpteenth time, has jerked up the Customs duty exchange rate from N951.941 to N1, 356.888 per dollar.

The announcement, which came like a bolt out of the blue, jolted the trading public, especially the customs brokers and importers, who were still smarting from the last increase done shortly before last Christmas.

The latest hike has thrown the customs brokers into a pensive mood as they watch the gradual decline in their business.

“This is one hike too many ” a notable Customs broker who ply his trade in Apapa port but craved for anonymity, lamented.

“It is now clear that this government is determined to ruin and run us out of business.

“When we are yet to get over the effect of the last hike in December, coming with this new one barely one month after, is a killer punch” he declared with a tinge of pain in his voice.

“Who could afford to pay between N10 million to N14 million customs duty on 40 footer container as a result of the latest hike?” he asked rhetorically.

” Even, if you manage to pay, the consumers will bear the brunt as the importers will automatically pass on the buck” he noted.

Prince Ozo Chukwurah, the Vice Chairman, the Board of Trustees of the Association of Nigerian Licensed Customs Agents (ANLCA), aligned with the position of the anonymous respondent.

“As of October 2023, the duty rate on 40 footer container was in the region of N5 million. We were then trying to cope with that.
“Now, you will need more than N9 million to clear the same container with the latest increase and the exchange rate will continue to go up” the ANLCA chieftain lamented.
Alhaji Tanko Ibrahim, the Coordinator of the 100 percent compliance team of the National Association of Government Approved Freight Forwarders(NAGAFF) spoke with similar pain in his voice.
” Even if you import shit( faeces) in a 40-foot container, you will pay nothing less than N10 million as customs duty as a result of this latest increase. For others, you could pay between N12 million to N15 million” he stated.
” But I bet you, all these will go back to the masses because the importer will get his money back while the masses, the final consumers, will bear the brunt.” Alhaji Ibrahim said.
He expressed anger at the insensitivity of the CBN whom he accused of raising the exchange rate for customs duty at the drop of the hat.
” My anger is that anytime the exchange rate rises in the forex market, the CBN will quickly raise the rate for Customs duty but will not bring it down when there is a fall in the exchange rate in the foreign exchange market” he lamented.
He disclosed that there is a massive hunger in the land.
” It is even fair in Lagos because of its status as the commercial capital of the country but go to other towns and cities, especially in the rural areas where people are suffering. “
” Could you imagine that a bag of beans in the North where it is produced is now about N80,000?
“How much will it sell in Lagos when it gets there” he asked rhetorically.
However, all the respondents believe that the rising exchange rate for duty will affect the realisation of the N5.1 trillion revenue target of the customs.
They said the situation will lead to a drastic drop in importation as many importers will either abandon their cargo at the ports for those whose consignments are caught in the web of the latest hike or refuse to bring in goods due to the increase.
“There will be less importation because of the scarcity of dollars and the hike in the exchange rate for customs duty.
“This will have a negative impact on the revenue target of customs”
” Even if they manage to collect it, the amount will be worthless in the face of the rising inflation in the country. It won’t have much impact on the economy” Chukwurah noted.
Alhaji Tanko Ibrahim said importers will cease importation to study the situation because the foreign exchange market is volatile and highly unpredictable.
” This rate will keep rising. I heard that in a little while, the CBN will still increase the customs duty exchange rate to N1,500 per dollar based on its penchant to respond to the increase in the forex market” he claimed.
The respondents were therefore unanimous in their views that it would be an uphill task for the customs to meet its revenue target this year due to the harsh operating environment at the Ports
” Revenue targets are proposals and the Customs don’t have to kill themselves and the clearing agents in their efforts to meet them,” Prince Chukwurah said.
” I am very sure the Customs officers too don’t like what is happening because they too are Nigerians who are not immune against the hardship in the country.
” We all go to the same markets” Alhaji Ibrahim, the NAGAFF chieftain observed.
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Customs

Excitement as President Tinubu Extends CGC Adeniyi’s Tenure by Six Months

Funso OLOJO, Editor

A wave of excitement swept through the maritime industry following President Bola Ahmed Tinubu’s approval of a six-month extension of the tenure of the Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi.

In a statement issued on June 19th, 2026, and signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Tinubu said the extension was necessary to enable Adeniyi to consolidate ongoing reforms, particularly the implementation of the National Single Window project, while also ensuring an orderly succession process within the service.

According to the Presidency, Adeniyi’s current tenure was due to expire on August 1st, 2026.

The six-month extension will now keep him in office until February 2027.

During the transition period, Adeniyi is expected to work closely with the Nigeria Customs Service Board to oversee the promotion of qualified officers to the rank of Comptroller of Customs and facilitate the compulsory retirement of officers who have attained the statutory retirement age of 60 years or completed 35 years in service.

Adeniyi joined the Nigeria Customs Service after graduating from Obafemi Awolowo University in the late 1980s.

He steadily rose through the ranks, becoming a Deputy Comptroller in 2012, Comptroller in 2017, Assistant Comptroller-General in 2020, and Acting Deputy Comptroller-General in January 2023 before being appointed Comptroller-General by President Tinubu in June 2023.

Maritime stakeholders who welcomed the development described the extension as an opportunity for the Customs boss to complete the far-reaching reforms he initiated within the service.

One freight forwarder, who preferred anonymity, described the decision as a positive development.

“This is a welcome development because it will enable the Comptroller-General to complete the reforms he has started in the Nigeria Customs Service,” he said.

“His tenure has been a watershed in the history of the NCS.

“The service has witnessed unprecedented transformation in its operations, revenue generation, trade facilitation, and anti-smuggling activities.

“Granting him an extension is a well-thought-out administrative decision by President Tinubu to allow him to complete these achievements.”

Another stakeholder said the extension reflects the confidence of the Presidency in Adeniyi’s leadership.

“The tenure extension is a clear endorsement of Adeniyi’s transformative leadership of the Nigeria Customs Service and the progress recorded under his administration,” the stakeholder remarked.

Industry observers believe the extension will provide continuity for ongoing modernization initiatives and help sustain the momentum of reforms aimed at enhancing trade facilitation, revenue collection, and border security.

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Customs

How Auditor-General goofed in N62.2bn under-remittance allegation against Customs

Funso  OLOJO, Editor

The Nigeria Customs Service (NCS) has exposed what it described as a misunderstanding of Customs revenue collection procedures by the Office of the Auditor-General of the Federation, which led to the allegation that the Service failed to remit N62.2 billion to the Federation Account.

In its 2019 audit report, the Auditor-General’s Office alleged that out of the N691.242 billion generated by the NCS in 2017, only N629.23 billion was remitted to the Federation Account, leaving an outstanding balance of N62.2 billion.

The allegation resulted in a query being issued to the Service and was subsequently escalated to the Senate Committee on Public Accounts for investigation.

Appearing before the committee during an investigative hearing on Tuesday, June 16, 2026, the Comptroller-General of Customs, Adewale Adeniyi, dismissed the allegation, insisting that the purported N62.2 billion under-remittance never existed.

According to him, the Auditor-General’s Office arrived at the figure through a misclassification of revenues and levies collected by the Service during the period under review.

Defending the financial integrity of the NCS, Adeniyi explained that while some levies collected by Customs are statutorily remitted into the Federation Account, others are earmarked for specific purposes and therefore do not form part of Federation Account revenue.

“The under-remittance of N62.2 billion levelled against Customs in the 2019 audit report was wrongly arrived at through the misclassification of levies collected by the Service,” Adeniyi told the committee.

“While most of the levies are collected and remitted into the Federation Account, others, including levies on the local production of wheat, textiles, wines and similar products, are not paid into the Federation Account.

The cumulative value of these special-purpose levies accounted for the alleged N62.2 billion under-remittance,” he explained.

Following the Customs chief’s clarification, which addressed the first three major audit queries raised against the Service, members of the committee expressed concern that such technical issues had been allowed to escalate to the level of a Senate investigation.

One of the committee members, Senator Babangida Hussaini, noted that the matter should ordinarily have been resolved during the preliminary audit stage.

Drawing from his experience as a former civil servant, Hussaini observed that the issues involved straightforward technical interpretations that could have been clarified without legislative intervention.

Satisfied with the explanations provided by the Customs management, the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, subsequently cleared the Nigeria Customs Service of the allegation of under-remitting N62.2 billion.

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Customs

PTML Customs Chief reaffirms support for COWA as Nabila Nura Miko assumes office as chairperson

Gloria Odion, Maritime Reporter

The Customs Area Controller of the Ports Terminal Multiservices Limited (PTML) Command, Deputy Comptroller N.I. Miko, has reaffirmed the Command’s commitment to supporting the new leadership of the Customs Officers’ Wives Association (COWA), PTML Chapter, in achieving its objectives.

Deputy Comptroller Miko made the pledge on Thursday, June 18th, 2026, during the official handover ceremony of the association’s leadership at the PTML Customs Command.

At the event, Hajiya Nabila Nura Miko formally assumed office as Chairperson of the PTML Chapter of COWA, succeeding Mrs. Ifeoluwa Anani.

Speaking at the ceremony, the Customs Area Controller described the occasion as more than a mere leadership transition, noting that it symbolized continuity, service, and the enduring contributions of Customs officers’ spouses to the Nigeria Customs Service family.

He commended the immediate past Chairperson, Mrs. Ifeoluwa Anani, for her exemplary leadership and the successful execution of impactful projects during her tenure.

According to him, the achievements recorded under her administration strengthened the association and positively impacted members as well as the wider Customs community.

Beyond infrastructural and welfare initiatives, Deputy Comptroller Miko highlighted COWA’s critical role in fostering stability on the home front, thereby enabling Customs officers to effectively discharge their statutory responsibilities of revenue generation, trade facilitation, and anti-smuggling operations.

“While officers are engaged in the discharge of their official duties, COWA members ensure that our homes remain stable, peaceful, and productive.

“A stable home is the foundation of effective service delivery, and for this invaluable contribution, we remain profoundly grateful,” he stated.

Congratulating Hajiya Nabila Nura Miko on her assumption of office, the Controller expressed confidence in her ability to build upon the achievements of her predecessor and lead the association to greater accomplishments.

He further assured the association of the Command’s readiness to provide the necessary assistance within its capacity, including logistical, operational, and moral support, to facilitate the successful implementation of its programmes and initiatives.

In her acceptance remarks, the new Chairperson, Hajiya Nabila Nura Miko, expressed gratitude to God for the opportunity to serve, describing her appointment as both an honour and a responsibility.

She paid glowing tribute to the National President of COWA, Mrs. Kikelomo Adeniyi, commending her visionary leadership and unwavering commitment to the growth and development of the association nationwide.

According to her, Mrs. Adeniyi’s guidance and dedication have continued to inspire members and strengthen COWA’s role as a platform for empowerment, welfare support, and impactful community engagement.

Hajiya Miko also acknowledged the contributions of her predecessor, noting that her tenure was marked by dedication, integrity, and remarkable achievements that significantly strengthened the PTML Chapter.

“I am committed to consolidating on the successes of the previous administration while introducing new initiatives that will further promote the objectives of COWA and enhance the welfare of Customs officers’ wives,” she said.

Highlighting some of the notable programmes undertaken by the chapter in recent years, she cited the International Women’s Day Celebration, the COWA Healthy Wife, Wealthy Life Sensitisation Workshop, Breast Cancer Awareness Campaigns, End-of-Year Outreach Programmes, participation in the Green Border Initiative School Adoption Programme, and Environmental Sensitisation Lectures.

She described these initiatives as evidence of the chapter’s commitment to social impact and member development, adding that they provide a strong foundation for future growth.

Outlining her administration’s agenda, Hajiya Miko said the chapter would focus on three strategic pillars: welfare, through strengthened support systems for members and their families; empowerment, through expanded skills acquisition and economic development programmes; and community service, through sustained interventions in health, education, and environmental sustainability.

She called for the continued support, cooperation, and prayers of COWA members, PTML Command management, and other stakeholders, emphasizing that collective effort would be essential to achieving the chapter’s goals and advancing the association’s mission.

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