The Nigeria Customs Service (NCS) announced the launch of its advanced ruling system on Thursday, May 2, aiming to achieve the N5.07 trillion revenue target set by the federal government for 2024.
Comptroller-General of Customs, Adewale Adeniyi, highlighted the importance of implementing various strategies to ensure the agency’s success.
Speaking at the “Advance Ruling System Launch and Stakeholders Engagement” event in Abuja, Adeniyi emphasised the significance of the advanced ruling system in facilitating trade facilitation, reducing compliance costs, and fostering a conducive business environment.
He noted that the mechanism allows traders to obtain binding decisions from customs administrations on the classification, origin, and valuation of goods before importation.
”The launch of the advanced ruling system aligns with the government’s policy directive to facilitate trade for legitimate traders, as highlighted in the Policy Advisory Document,” he stated.
Adeniyi underscored the commitment of the Bola Ahmed Tinubu administration to enhancing trade facilitation in Nigeria, citing recent achievements such as the approval to decongest ports and the inauguration of the Single Window steering committee.
He acknowledged the challenges in previous attempts to introduce the advanced ruling system but expressed optimism about the current relaunch based on comprehensive reviews and valuable recommendations.
Given the significant number of disputes encountered by the NCS between 2020 and 2023, he reiterated the timeliness of implementing the system, impacting trade facilitation and revenue generation.
”The event served as a launch and stakeholder consultation, laying the groundwork for the rollout of the advanced ruling system,” he noted.
Adeniyi also announced plans for workshops and sensitisation sessions at Customs Area Commands to ensure stakeholders are well-informed and prepared to utilise the new mechanism effectively.
He further thanked the German International Cooperation Agency (GIZ) for its continued support of trade facilitation activities under the Nigeria Energy Support Programme.
Recall that the NCS recently announced a revenue generation of over N1.3 trillion during the first quarter of 2024.
The figure marks a remarkable increase of 122.35% compared to the revenue collected in the same period last year.
Adeniyi disclosed that the total revenue collected amounted to N1,347,675,608,972.75, showcasing a substantial surge compared to the N606,119,935,146.67 collected in the first quarter of 2023.
