The Nigeria Customs Service (NCS) has announced plans to impose penalties on designated banks that fail to remit collected Customs revenue within stipulated timelines.
A move aimed at enhancing transparency and ensuring the timely delivery of government funds.
In a statement released on Wednesday, NCS spokesperson Abdullahi Maiwada emphasized that delays in remitting revenue undermine the efficiency and integrity of the nation’s revenue administration.
“The Nigeria Customs Service has observed instances where certain banks delayed the remittance of Customs revenue following reconciliations conducted through the B’odogwu platform,” the statement said.
Maiwada noted that such delays violate the remittance obligations outlined in the Service Level Agreements between the NCS and the designated banks.
“These breaches negatively impact the transparency and efficiency of government revenue management,” he added.
Under the new enforcement directive, any bank that defaults on remittance deadlines will incur a penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the period of the delay.
Affected banks will receive formal notifications detailing the delayed amounts, applicable penalties, and deadlines for settlement.
The Customs Service warned that strict compliance would be enforced going forward, signaling a no-tolerance approach to lapses that could affect government earnings.
This move aligned with broader efforts by federal agencies to strengthen fiscal accountability and ensure that public revenues are fully accounted for.
