LAGOS – Amid Nigeria’s existing economic challenges and efforts to boost revenue for the Nigeria Customs Service (NCS) by raising its target to N5.1 trillion in the second half of this year to curb borrowing, port users have voiced concerns over potential inflationary pressures and adverse effects on businesses.
Critics argue that the decision could exacerbate inflation and significantly impact the manufacturing sector, leading to soaring prices of goods and services as well as increased transportation costs.
In September 2023, the Debt Management Office reported that Nigeria’s public debt, including both external and domestic obligations, stood at N87.38 trillion ($113.42 billion).
The Customs Comptroller-General, Bashir Adeniyi, has assured the Senate of exceeding the revenue target.
Jonathan Nicol, former President of the Shippers Association of Lagos (SAL), warned that unemployment could rise, especially with some companies already closing due to financial constraints. He emphasised that when citizens are impoverished, the nation’s stability is compromised.
Nicol urged the government to ensure an equitable distribution of the nation’s resources.
Taiwo Fatomilola, National Public Relations Officer of the Association of Registered Freight Forwarders of Nigeria (AREFFN), noted that the Customs’ revenue target increase could lead to a significant impact on the economy and the masses due to a rise in exchange rates.
However, many Nigerians continue to express dismay as the cost of living escalates, with hardships and hunger intensifying, making it difficult for families to afford basic necessities.
Citizens are grappling with financial strain amid a significant surge in commodity prices.
The Customs Service’s move to raise revenue targets has sparked widespread debate over its potential repercussions on the economy and the welfare of the Nigerian populace.
