Senate To Consider Trade Facilitation Legislation In Nigeria
Senate will consider legislation to reform the administration and management of the customs and excise system in Nigeria. The bill, the Customs, and Excise Management Act establishes a new Nigeria Customs Service and repeals other customs and excise legislation.
The bill creates a Custom and Excise governing Board to oversee the administration of the Customs Service. The Board shall be responsible for formulating the general policy guidelines and matters pertaining to the governance assessment and collection of revenues.
Speaking on the development, the Senate President Dr. Abubakar Bukola Saraki stated that “The Senate identified the Customs and Excise Act as one of its 11 priority economic bills because of its implications for promoting Nigeria’s international trade.”
“It is important that this legislation is viewed as a vehicle to advance Nigeria’s trading opportunities given the significance of expanded trade for diversifying our economy,” Saraki said.
The legislation allows for the employment of electronic systems and for the exchange of information between the Customs Service, agencies of the Federal Government and traders. With the passage of the bill, the Customs Service shall ensure that all relevant information of a general nature pertaining to customs matters are made publicly available on the Customs Service’s website and other designated platforms.
“The advent of internationally standardized and technological Customs Service is a step in the right direction for reorienting our economy,”
The Senate President stated, “The proposed Customs Service will have the authority to police our borders and work cooperatively with other agencies to promote transparency.
This legislation is forward-leaning, timely and reflects the many ideas the National Assembly is enacting to get our economy moving.”