Poor manufacturers in Nigeria, always producing to pay more taxes:”A fresh wave of discontent has erupted across Nigeria’s business and manufacturing sectors following the introduction of a new 4% administrative charge on the Free-on-Board (FOB) value of imports by the Nigeria Customs Service (NCS) and a proposed 15% hike in port charges by the Nigerian Ports Authority (NPA).”
I have noted here that when the Customs is tasked to ramp up revenue, Nigeria is not helping its economy since the revenue will come by taxing imports. Yes, provided the revenue is not coming from export related services, we are simply de-industralizing the nation, and making it a haven of import dumping!
Do not celebrate whenever the Customs exceeds its revenue target. Do not rejoice that the Ports authority is hitting revenue milestones. Be concerned because the revenue is a poison pill: you drink the revenue but you are slowly destroying the economy. Indeed, with these new fees and taxes, the Ports and Customs will have breakout 2025 in revenue, as the nation’s ATMs, but that should not be celebrated!
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