Ali, Customs boss, warns AfCFTA, WTO agreements will depress revenue generation

 

Abiola Seun    |  

The Nigeria Customs Service has warned that the World Trade Organisation (WTO) agreement and the Africa Free Trade Agreement (AFCFTA) recently signed by Nigeria will adversely affect revenue generation drive in the coming years.

This was disclosed by the Comptroller General of the Service, Col. Hameed Ali (rtd) during the continuation of an interactive session organized by the Senate joint committees on finance and national planning on the 2021-2023 MTEF/FSP.

Ali said the two agreements will allow goods to come into Nigeria at zero tariffs and will therefore affect the revenue of generating agencies in the maritime sector.

He however disclosed that the service generated N837 billion between January and July 2020

Ali added that the Service is projecting total revenue of N1.465 trillion for 2021, N1.704 trillion for 2022, and N1.758 trillion for 2023.

The Customs boss also stated that  he is not in support of a policy arrangement which makes it possible for Coca-Cola to continue to produce in Nigeria without paying anything to the Nigerian government.

Reacting, Senate President, Ahmed Lawan said the agreement with Coca Cola is a misnomer as Coca Cola is an international brand and a dominant player in the beverage industry