The Nigeria Customs Service (NCoS) comptroller general, Hameed Ali, is recounting how the country lost over N400 billion in 2022 due to insecurity, particularly in the northeast.
According to the Customs chief, bureaucracies in government policies are also to blame for the revenue shortfall.
On Thursday, he spoke with reporters following a meeting with President Muhammadu Buhari at the Aso Villa in Abuja.
The targeted revenue for the Service for 2022 was N3.1 trillion, but it could only generate N2.6 trillion, the CG said.
“The shortfall of N400bn plus is due to a lot of factors,” he said, listing them as the fluctuation of the naira, the physical policies, and border issues among others.
“So, if you put all these factors together, and look at the target we were given, you can now come to the conclusion the sheer amount of money that would have come to the government that is out there,” the CG said.
During the meeting, the Secretary General of the World Customs Organization, Mr Kunio Mikuriya called for more investment in border securities to allow the service to perform its role effectively.