.Says revenue generation vital for economic growth
.Commends MAJAN on democracy lecture
By Udeme Clement & Silas Onuoha
The Customs Area Controller, CAC, of Ports and Terminal Multi-purpose Limited, PTML Customs Command of Nigeria Customs Service, NCS, Comptroller Tade Adetoye, has called on stakeholders doing business in the port to ensure greater compliance with the fiscal policies of Federal Government on import trade, in order to ensure smooth trade facilitation in the maritime sector of the economy.
He made this assertion while speaking at a one-day lecture organised by Maritime Journalists Association of Nigeria ,MAJAN, with the theme, ’19 years of Nigeria’s unbroken democracy; the journey so far in maritime industry’, to assess the impacts of 19years of democracy on port operations and the maritime industry as a whole.
According to Comptroller Adetoye, “Revenue generation for government is quite imperative to enhance economic growth and development; especially at a time government is putting measures in place to diversify the economy into non-oil export sectors.
Comptroller said pointed out, “Customs is saddled with the responsibilities of trade facilitation, revenue generation for government and anti-smuggling. Therefore, these functions must be carried out effectively, in order to achieve economic growth now and in the long-run”.
Responding to question on why NCS is still putting so much emphasis on revenue generation while in advanced economies, emphasis has been shifted from revenue to trade facilitation, he explained, “The reality is that government wants us to look inward and patronise locally manufactured goods for our industries to thrive. It is also a way of encouraging exports that will bring foreign exchange for our economy, but some people still engage in excessive importation of foreign goods, because they like foreign products. So, if you engage in import, you have to pay duty for government to grow our economy”.
In conclusion, the PTML CAC commended the President of MAJAN, Mr. Ray Ugochukwu and all the members for their initiative in organising the lecture, which he described as timely and very good for the industry.