The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adeniyi, has issued a stern warning that the proposed Revenue Service Bill could have devastating consequences for businesses across the country. According to the Customs boss, the bill, which aims to streamline revenue collection and enhance government earnings, contains provisions that could significantly increase the financial burden on businesses, especially those involved in import and export activities.
Industry stakeholders have expressed deep concerns that the bill, if passed into law, could lead to the closure of many businesses struggling under the weight of multiple taxation policies and fluctuating foreign exchange rates. The Nigeria Customs Service argues that the bill threatens its operational autonomy and could cripple trade facilitation efforts by centralizing revenue collection under a single government agency.
“This bill is not just about revenue collection; it is about the survival of businesses in Nigeria. If implemented as currently structured, it will push many companies out of business,” the Customs boss stated.
Business owners, trade unions, and economic experts have echoed similar concerns, warning that the move could discourage investments, reduce job opportunities, and negatively impact Nigeria’s trade competitiveness on the global stage. Many are calling on the National Assembly to revisit the bill and engage with key stakeholders before making any final decisions.
As the debate over the bill intensifies, some analysts suggest that the government should focus on improving the efficiency of existing revenue collection mechanisms rather than introducing sweeping reforms that could destabilize the economy. The coming weeks will be crucial as lawmakers deliberate on the controversial bill, with the fate of many businesses hanging in the balance.
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