General
Nigerian Senate Queries Customs’ Non-Remittance of Surplus
By Adedapo Adesanya
• NCS Achieves Almost 60% of Targeted Revenue in Five Months
The Nigeria Customs Service (NCS) has reached 59.9 percent of its target revenue of N957 billion for the 2020 fiscal year as it announced raking N573 billion between January and May.
But the Senate Committee on Customs raised questions over non-remittance of operation surplus every year by the service.
This followed the announcement made by the Comptroller-General of Customs (CG), Mr Hameed Ali, at an interactive session on revenue generation with the Senate Committee on Customs on Thursday.
Mr Hameed, represented by Deputy Comptroller-General (DCG), Human Resources, Mr Sanusi Umar, said the customs was able to realise more than half of the targeted revenue for the year due to blockage of identified leakages.
“As a result of blocking of identified areas of leakages and free flow of traffic for importers during the COVID-19 lockdown, our revenue generation increased rapidly to about N6 billion to N7 billion per day, making us rake in N573 billion within five months which is more than half of the N957 billion targeted revenues for us in 2020.
“The target given to the service in terms of revenue was N1.6 trillion but due to the COVID-19 pandemic the target was reviewed to N957 billion,” he said.
Mr Ali was, however, taken up by the committee members on non-remittance of surpluses made every year, particularly in 2018 and 2019.
A member of the committee and retired custom officer, Mr Francis Fadahunsi, (PDP – Osun East), queried why the agency did not reflect the surpluses in its reports presented to the committee.
“In 2019 alone, you made surplus of N34 billion, which is not reflected in the 2020 reports before us,” he said.
Another member of the committee, Mr Sulaiman Kwari (APC – Kaduna North), challenged officials of customs to explain what they do with such surpluses.
But the customs representative in his response told the committee that the NCS was not a treasury-sponsored agency that was expected to make returns to the treasury on any amount not spent.
“Customs is now a performance-based agency.
“We are not a treasury-sponsored agency, which normally makes return to the treasury of any amount not spent.
“Where we have any shortfall, we don’t have anybody backing us and we cannot borrow from the bank,” he said.
Members of the Committee led by Mr Francis Alimikhena (APC – Edo North), however, disagreed on whether to revert the targeted revenue for customs in 2020 to N1.6 trillion as earlier passed in December or retain it at N957 billion proposed in the revised budget.
Also, while Mr Gyang Istifanus Dung (PDP – Plateau North), called for upward review of the targeted revenue, but Mr Adamu Aliero (APC – Kebbi Central), disagreed.
According to Mr Aliero, the N957 billion targeted in the revised budget is even not realisable as effects of COVID-19 will start reflecting in the agency’s revenue collection from July.
The Chairman of the Committee, Mr Francis Alimikhena, alongside another member Mr Fadahunsi, however, told the Customs officers to sustain the constant high revenues intake the agency recorded within the last five months.
Mr Fadahunsi specifically said that the target was a lazy way of collecting revenues.
“Customs can do more than it has done within the last five months in terms of revenue collections if other ports like Port Harcourt and Calabar are focused like Lagos.
“We cannot continue to approve loan everyday just as government cannot continue to be financing budget with borrowings every year.
“Enough revenues must be generated by relevant agencies like Customs, the very reason this committee invited its top management staff for brainstorming on way out,” he said.
By Adedapo Adesanya
The World Bank Group’s private-sector arm, the International Finance Corporation (IFC), and Standard Chartered on Wednesday announced a new risk-sharing facility aimed at strengthening supply chains and supporting business growth across Africa.
The programme will roll out across eight markets—Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania and Zambia—targeting sectors including agriculture, healthcare and manufacturing, with a focus on improving access to working capital for suppliers.
This marks the IFC’s first project under its Global Supply Chain Finance Program and the Africa Trade and Supply Chain Recovery Initiative, supported by the International Development Association’s Private Sector Window Blended Finance Facility.
Global demand for supply chain finance continues to rise, reaching an estimated $2.7 trillion in 2025, an increase of 8 per cent year-on-year. However, access in emerging markets remains limited, as financial institutions tend to prioritise developed economies.
The facility will cover up to $300 million in supply chain and trade finance assets originated by Standard Chartered. It includes financing instruments such as payables finance, receivables discounting and pre-shipment finance programmes, which enable businesses to access funds earlier in the payment cycle.
The facility aims to address this imbalance by mitigating risk in short-term trade and supply chain finance portfolios, helping to unlock capital in underserved markets.
By accelerating payments to suppliers, the initiative aims to strengthen supply chain relationships, improve delivery reliability and support job creation across value chains.
IFC will provide guarantees of up to $150 million, with $100 million committed as an initial tranche. The facility will support transactions in both U.S. dollars and selected local currencies.
Over three years, the partnership is expected to enable approximately $1.9 billion in supply chain finance transactions, supporting more than 500 suppliers, including small and medium enterprises. The programme also has the potential to indirectly benefit over 1 million farmers.
Speaking on this development, Mr Mohamed Gouled, Vice President, Products & Clients at IFC, said, “Supply chain finance is among the fastest ways to narrow the growing finance gap that businesses, particularly small and medium enterprises, are facing in emerging economies. By partnering with Standard Chartered to support companies at the centre of strategic value chains, we can unlock much-needed working capital at scale for businesses across Africa, including smaller firms and farmers, making supply chains more competitive and boosting job creation.”
On his part, Mr Dalu Ajene, Chief Executive and Head of Coverage, Standard Chartered Africa, said, “This $300 million facility with IFC underscores our shared commitment to strengthening Africa’s supply chains and enabling sustainable business growth. As a super-connector bank with deep expertise across key trade corridors linking Africa to Europe, Asia, the Middle East and the Americas, we are uniquely positioned to channel capital and innovation into the real economy.”
“By expanding access to supply chain finance, we are helping African companies unlock liquidity, manage risk, and invest with confidence. Our collaboration unites Standard Chartered’s cross-border expertise with IFC’s development mandate to empower businesses – from major corporations to smaller local suppliers – to engage more actively in regional and global trade, fostering job creation and promoting inclusive growth,” he added.
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has said that the average retail price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 22.55 per cent or N237.07 per litre to N1,288.54 in March 2026 from N1,051.47 in February.
In the Premium Motor Spirit (Petrol) Price Watch for March released on Tuesday, the NBS said on a year-on-year basis, the average retail price of fuel also increased by 2.13 per cent from N1,261.65 recorded in March 2025.
This surge in fuel prices could be linked to global disruptions brought on by the US-Israel war on Iran, which triggered the closure of the Strait of Hormuz and sent prices of crude oil above $100 per barrel.
While the country was not heavily hit by the impact, it felt the ripple effect of crude prices increasing, particularly as Dangote Refinery imported crude from other markets to cover for local feedstock shortfalls.
The data noted that by state, Anambra recorded the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
However, the price was cheapest in Lagos at N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.
By zone, it was most expensive in the North East at N1,336.50 last month, while the South-West recorded the lowest at N1,232.46.
A look at the Diesel Price Watch Report for March showed that the average retail price paid by users rose by 16.05 per cent on a month-on-month basis to N1,648.08 per litre from N1,420.17 per litre a month earlier.
“On state profiles analysis, the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
“On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06,” parts of the report said.
By Modupe Gbadeyanka
The vice-presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Datti Baba-Ahmed, has left the party to join the Peoples Redemption Party (PRP).
Speaking on Channels Television’s Politics Today, the politician said he’s no longer interested in the way the Labour Party was being run.
He disclosed that there is no more peace in the political party he flew its flag in the last general elections because of greed.
He accused the ruling All Progressives Congress (APC) of destabilising opposition political parties to ensure President Bola Tinubu does not have a credible opponent in the 2027 presidential poll.
“What the Labour Party stood for is not the same now. We have a government of today which is interested in destroying other political parties,” he said.
“I am leaving the Labour Party tomorrow (today) by 12 midnight,” Mr Baba-Ahmed said when asked about his plans for next year.
I am leaving the Labour Party [at] midnight, and I am joining PRP. PRP is the new destination. PRP is the one with a history. It’s about 75 years old,” he further stated.
He further said, “When there was real peace in the Labour Party, someone was redeployed to the Labour Party and because of the antecedents of the person, [I don’t see things getting better].
PRP, a progressive Nigerian political party, was established in 1978 by Mallam Aminu Kano. It is rooted in social democratic principles and populist ideology, often focusing on the empowerment of the talakawa (common people).
Its current National Chairman, according to data obtained from the website of the Independent National Electoral Commission (INEC), is Mr Falalu Bello, while the National Secretary is Mr Babatunde F. Alli.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn