Customs blames N240bn revenue shortfall on CBN forex restrictions

The Nigerian Customs Service has blamed the N240 billion shortfalls in its revenue generation for 2015 on the forex policy put in place by the apex bank in 2015.

Comptroller General of the Customs, Hammed Ali had announced that the Customs actually made N903 billion, a little below the N954 billion target set by the Federal Government. He blamed the shortfall on CBN’s forex restriction on the importation of 41 items.

“If we had added that to what we have generated it would have surpassed what we have, so that is the down side of why we were not able to meet the target in 2015.” Ali said.

He however expresses the hope that the Service will surpass its target for 2016 in view of the tools already put in place by the management, adding that, “I hope also that government will once again look at those policies and see how they can be fine-tuned.”

He said part of the efforts put in place in ensuring that that the 2016 target is realized was his familiarization tour and visit to the various Commands where he urged officers to work harder as well as help the agency correct the bad impression the public has about it.