In a move intended to improve transparency and safeguard government profits, the Nigeria Customs Service announced that it would impose penalties against designated banks that prevent the remittance of customs revenue.
According to NCS spokesman Abdullahi Maiwada, who made this disclosure in a statement on Wednesday, the delays undermine the government’s ability to manage revenue.
Following reconciliation of collections processed through the B’odogwu platform, the statement read, “The Nigeria Customs Service has observed instances of delayed remittance of customs revenue by some designated banks.”
These delays “violate remittance obligations and negatively affect the government revenue administration’s efficiency, transparency, and integrity.”
The Nigeria Customs Service and designated banks’ Service Level Agreement states that it is “in accordance with the terms of the Service Level Agreement” that stakeholders are informed of the start of enforcement actions against banks that have broken the agreed remittance deadlines.
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PRESS ELEASE
NIGERIA CUSTOMS SERVICE APPEARS FOR DIFFICULTIES ABOUT DIFFICULTIES REQUIRED FOR CUSTOMS REVENUE REQUEST.
1. The Nigerian Customs Service (NCS) has been informed of instances of delayed customs revenue remittance by some designated banks… https://twitter.com/lXTzXANQ8J
According to Maiwada, any bank that doesn’t return Customs revenue within the allotted time will be subject to penalty interest that is three percent above the current Nigerian Interbank Offered Rate for the time being delayed.
He further stated that affected banks would receive formal notice of the delayed amounts, the applicable penalty, and the settlement deadline.
Any designated bank that doesn’t return collected Customs revenue within the prescribed time will be subject to penalty interest that is three percent above the current Nigerian Interbank Offered Rate for the duration of the delay.
Source: Channels TV
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