How CBN’s forex policy denied us N240bn revenue –Customs boss

The Nigeria Customs Service (NCS) has said it generated N903 billion as revenue in 2015, a figure that is N240 billion short of its target.
But its Comptroller General, Hameed Ali, who disclosed this on the sidelines of the decoration ceremony of newly elavated customs management staff in Abuja said the Customs had a revenue target of N954 billion.
He attributed the shortfall of N240 billion to Central Bank of Nigeria’s (CBN) monetary policy which, earlier in the year, placed 41 items listed on the forex prohibition list.
His words: “In terms of revenue generation, we have a target of N954 billon. But as at today, we have generated N903 billion. If you remember CBN policy on 41 items; when we did our analysis, the policy denied us money to the tune of N240 billion.
“So if we add that to what we have generated, it would have surpassed our target. So that is the downside of CBN foreign exchange policy and why we were not able to meet the target in 2015, but hopefully with all the tools we put in place and I hope that government will once again look at those policies and see how they can be fine-tuned.
“I believe that we will surpass whatever target that has been given to us,’’ Ali said.

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