The Nigeria Customs Service (NCS) announced plans to penalize banks that fail to remit revenue collected on behalf of the federal government within the established deadlines. This aims to improve fiscal discipline and expedite government revenue flows.
Customs officials stated that delays in revenue remittance by certain financial institutions have hampered effective budget planning and undermined overall efforts to improve public finance management. The NCS emphasized that the timely remittance of funds collected at ports of entry and other revenue streams is critical to maintaining government operations.
In a statement issued Wednesday, the Customs Service explained that it will enforce existing regulations requiring banks to promptly transfer collected funds to the appropriate government accounts, warning that non-compliance will result in penalties.
The directive comes amid ongoing efforts by the federal government to bolster revenue collection and reduce leakages in key sectors of the economy. Customs stated that the measure aims not only to strengthen compliance but also to promote transparency and accountability in public finances. Customs officials emphasized that the sanctions will be applied in accordance with current legislation and that the Service expects the full cooperation of banks and other stakeholders in the financial sector to ensure the proper implementation of the policy.
Representatives of the affected banks have not yet responded publicly to the announcement, but industry analysts noted that the measure could lead to a more thorough review of commercial banks’ internal processes and systems to avoid potential sanctions.
The Customs Service stated that it will continue to collaborate with financial institutions and relevant authorities to address challenges and streamline revenue remittance procedures.
Source: Channels Television
Be the first to comment