The Nigeria Customs Service (NCS) has announced the imposition of a 3 percent penalty on banks that fail to remit customs revenue on time, in a bid to strengthen compliance and improve revenue collection.
In a statement released by the service, the new directive mandates that all commercial banks promptly transfer customs receipts within the stipulated time frame. Failure to comply will now attract an automatic 3 percent administrative fine on the overdue amount, aimed at discouraging delays that have affected government revenue flows.
Customs officials said the measure was introduced to ensure efficiency in the handling of government funds and to reduce bottlenecks in the revenue remittance process. They noted that timely remittance of customs duties and levies is critical to national development, given the significant contribution of import duties to federal revenue.
The NCS further clarified that the fine will be charged on any amount not remitted within the prescribed period, and that affected banks will be duly notified. Authorities emphasized that the policy is not intended to punish financial institutions but to reinforce accountability and prompt payment practices within the financial sector.
Banking industry stakeholders have been urged to strengthen their internal compliance systems to avoid incurring penalties. Customs officials also reassured the public that the measure is part of broader efforts to enhance transparency and effectiveness in revenue administration.
Shopeju Olateju
NaijaTravels News