“Only in Nigeria is Customs based on IGR”, lamented the Coleman Wires boss

Managing Director of Coleman Wires and Cables, George Onafowokan lamented that it was only in Nigeria that the Customs Service was transformed into an Internally Generated Revenue agency.

He even regretted that this was a big mistake.

The businessman was one of the guests on Channels Television’s Independence Day special titled, “Nigeria’s Challenging Economy: Strategies For Recovery” on Tuesday.

“I still don’t understand how Customs and Excise became a bureau of change. “I don’t think the philosophy of any Customs in the world regarding fiscal policy is to balance, this is not a monetary policy driven by Customs,” Onafowokan said.

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“It is only in Nigeria that our Customs is IGR based and that is a big mistake, a big mistake and until the moment we realize that Customs is for fiscal balancing that is why Customs is under the Ministry of Finance not under the CBN.

“This was done deliberately so that the Ministry of Finance can carry out its fiscal policy role through this policy if necessary and that is how it should be, but now we have changed it to be IGR based and this has an impact on producers.”

Onafowakan lamented the inconsistencies in government policy, saying this would slow down production and productivity.

He said the economy would continue to suffer if the government continued to change policies that were detrimental to producers and small and medium businesses.

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