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    MarketForces Africa » MarketForces News » Customs Rakes in N277billion on Import Duties in August

    Customs Rakes in N277billion on Import Duties in August

    Julius AlagbeBy Julius AlagbeSeptember 5, 2024 News No Comments3 Mins Read
    Customs Rakes in N277billion on Import Duties in August
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    Customs Rakes in N277billion on Import Duties in August

    The Spokesperson for the Nigeria Customs Service (NCS), Mr Abdullahi Maiwada, has said the service has collected N277.5 billion on import duties in August.

    Maiwada made the disclosure during the monthly news conference organised by the Strategic Communication Interagency Policy Committee (SCIPC) and hosted by the NCS on Thursday in Abuja.

    The spokesperson said that the service also collected ₦15.8 billion in excise duties, demonstrating its commitment to maximising revenue generation.

    He stated that as part of the service’s efforts to suppress smuggling to the barest minimum, it recorded 83 seizures across various commands.

    “The NCS recorded 83 seizures across various commands, including 170,000 litres of Premium Motor Spirit (PMS) and 3,083 bags of foreign rice.

    “The seizure also includes 1,014 parcels of cannabis sativa, 23 vehicles, and other contraband, with a total Duty Paid Value (DPV) of ₦975,066,791.65.

    “The NCS also intensified its “Operation Whirlwind” (OPWW) to combat the smuggling of petroleum products, especially in border states.

    “The operation over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles,” he said.

    According to him, investigations have led to the prosecution of seven suspects, while three marketers have been fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and sealed filling stations have been transferred for further action.

    Speaking at the briefing, the spokesperson of the Nigeria Police Force, Muyiwa Adejobi, stated that backdating fireman licenses to circumvent the ban on fire arms by the force remains fraudulent.

    Adejobi said the ban on the use of arms and ammunition in Nigeria was still in place and urged the public not to be deceived by arms dealers who say they can backdate licenses.

    “Don’t be deceived because there are certain individuals who would go and backdate the license and give it to you; they must have extorted you to even issue the license to you; it’s still fake.

    “Don’t allow anybody to lead you in committing a criminal offence in the issue of arms,” he warned.

    According to the spokesperson, the force will be very aggressive in going after the possession of illegal fire arms across the country.

    He said that the force has arrested 97 members of the proscribed Shiite group following their face-off with police, where two of its personnel were killed.

    He warned that attacking the police or any other security operatives while discharging their constitutional duties would not be tolerated. #Customs Rakes in N277billion on Import Duties in August

    Agusto & Co Upgrades Odu’a Investment Rating to “A+”

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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