Economy
Customs Exceeds 2020 Revenue Target by 8.7%
By Adedapo Adesanya
The Nigeria Customs Service (NCS) beat its revenue generation target for the year 2020 by 8.7 per cent, raking N1.5 trillion in the COVID-19 ravaged year.
This information was revealed by the revenue generating agency by its Public Relations Officer (PRO), Mr Joseph Attah, via a statement issued in Abuja on Wednesday.
According to the service, despite the disruptions caused by the COVID-19 pandemic, it was able to exceeded its target of N1.4 trillion.
It was deduced that the revenue generated in 12 months was 11.9 per cent more than the sum of N1.3 trillion generated in the previous year.
Quoting the Comptroller-General of the Customs, Mr Hameed Ali, the service noted that the feat was a result of the resolute pursuit of what was right and willingness to adapt to changes brought about by global health challenges occasioned by COVID-19.
Mr Ali said the service revenue generation profile had continued to be on the rise annually as the ongoing reforms in the service insisted on strategic deployment of officers strictly using the standard operating procedure
“We also insist on strict enforcement of extant guidelines by the tariff and trade department and Automation of the Customs process, thereby eliminating vices associated with the manual process.
“Others are robust stakeholder sensitisation resulting in more informed and voluntary compliance as well as the increased disposition of officers and men to put national interest above selves.
“The partial border closure which has forced cargoes that could have been smuggled through the porous borders to come through the sea and airports raised revenue collection from ports.
“Before the commencement of the border drill on 20th August 2019, revenue generation was between N4 billion to N5 billion, but now NCS generates between N5 billion to N9 billion daily.
“Diplomatic engagements that took place during the partial land border closure yielded many positive results, including a commitment to comply with the ECOWAS Protocol on Transit and operationalisation of joint border patrols at both sides of the border.
“The teams are required to share intelligence and ensure prevention of transit of prohibited goods into the neighbour’s territory,” Mr Ali explained.
The customs boss expressed the readiness of the service to strictly implement the outcome of the diplomatic engagements as the land borders open for movement of cargoes.
He said that the intelligence gathered during the period and the introduction of the e-Customs, whose components include installation of scanners at all entry points, would enhance border security and boost national trade facilitation.
By Aduragbemi Omiyale
Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.
This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025
The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.
It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.
In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.
By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.
The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.
According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.
By Adedapo Adesanya
The Naira marginally depleted against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.
During the session, it lost 35 Kobo or 0.02 per cent against the greenback to sell for N1,603.51/$1 compared with the previous day’s value of N1,603.16/$1.
Also, in the same official FX market, the value of the local currency depreciated against the Pound Sterling yesterday by N17.31 to quote at N2,137.55/£1 versus Tuesday’s closing price of N2,120.24/£1 and tumbled against the Euro by N19.89 to close at N1,837.58/€1 compared with the preceding session’s N1,817.69/€1.
However, in the parallel market segment, the domestic currency appreciated against the Dollar during the trading day by N5 to trade at N1,605/$1 versus the previous day’s N1,610/$1.
The Nigerian Naira has been under pressure lately after a recent ease in concerns about the country’s FX reserves, which have been been dropping.
A look at the digital currency market showed that it was bearish at midweek due to profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.
Earlier this week, President Donald Trump said he had no intention to fire US Federal Reserve Chair, Mr Jerome Powell, and that a deal with China (which is facing tariffs as high as 245 per cent on some items) would significantly reduce some of its levies.
The mixed signals and frequent tone shift are worrying traders, however, who continue to monitor comments for further cues on positioning, with market analysts noting that trade frictions, geopolitical jitters, and regulatory issues continue to cast long shadows on assets like crypto.
Dogecoin (DOGE) dipped by 4.9 per cent to sell at $0.1730, Ripple (XRP) fell by 3.9 per cent to $2.17, Litecoin (LTC) declined by 2.3 per cent to $82.23, and Binance Coin (BNB) depreciated by 2.2 per cent to $604.59.
In addition, Cardano (ADA) slumped by 1.9 per cent to $0.6837, Solana (SOL) also lost 1.9 per cent to close at $148.13. Bitcoin (BTC) slid by 1.3 per cent to $92,479.80, and Ethereum (ETH) crashed by 1.1 per cent to $1,770.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
Strong investor sentiment persisted at the Nigerian Exchange (NGX) Limited on Wednesday after the market breadth finished positive with 34 appreciating stocks and 17 depreciating stocks.
Customs Street closed higher by 0.54 per cent during the trading session after ABC Transport led the gainers’ chart with a 9.86 per cent rise to settle at N1.56.
Further, VFD Group improved its value by 9.62 per cent to N17.10, Learn Africa expanded by 9.54 per cent to N3.56, Regency Alliance soared by 9.43 per cent to 58 Kobo, and Africa Prudential rose by 8.63 per cent to N15.10.
On the flip side, Tripple G depreciated by 10.00 per cent to N1.98, MRS Oil went down by 9.95 per cent to N157.50, Abbey Mortgage Bank lost 9.95 per cent to trade at N8.79, John Holt declined by 9.68 per cent to N7.00, and Austin Laz shed 9.57 per cent to sell for N1.89.
Yesterday, investors traded 744.8 million equities worth N18.3 billion in 11,226 deals compared with the 353.3 million equities valued at N7.2 billion sold in 13,734 deals on Tuesday, indicating a decline in the number of deals by 18.26 per cent and a jump in the trading volume and value by 110.81 per cent and 154.17 per cent, respectively.
Fidelity Bank led the activity log with 388.8 million shares sold for N7.8 billion, GTCO exchanged 47.0 million stocks valued at N2.9 billion, Universal Insurance transacted 41.9 million equities worth N21.0 million, Access Holdings traded 30.6 million shares valued at N705.6 million, and Tantalizers exchanged 23.0 million equities worth N52.8 million.
Business Post reports that the banking and the consumer goods indices gained 2.93 per cent and 1.25 per cent apiece, the insurance and the energy sectors fell by 0.81 per cent and 0.09 per cent, respectively, and the industrial goods and commodity industries closed flat each.
The All-Share Index (ASI) increased by 538.69 points at midweek to 105,283.67 points from 104,744.98 points and the market capitalisation grew by N338 billion to N66.159 trillion from N65.821 trillion.
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