Economy

Nigeria Customs B’Odogwu System sets N16.4bn Record

Published

1 year ago

August 22, 2025

Nigeria Customs B’Odogwu system drives record N16.4bn revenue at Tincan Island Port, boosting efficiency, transparency, and trade facilitation

Nigeria Customs B’Odogwu system has powered the Tincan Island Port Command to an unprecedented N16.4bn revenue collection on August 19, 2025 — the highest in a single day.

Also read: Nigeria Customs Revenue at KLT Rises 63% to ₦89.2bn

According to a statement by the Command’s Public Relations Officer, Oscar Ivara, the milestone demonstrates the efficiency, transparency, and responsiveness of the digital platform in transforming port operations.

Customs Area Controller, Frank Onyeka, attributed the achievement to the seamless integration of all key port processes under the B’Odogwu system.

He explained that licensed customs agents and stakeholders can now access payment platforms, process cargo clearance, and complete transactions in real-time without delays.

“The B’Odogwu system has drastically improved the ability of agents to access payment platforms and complete clearance processes without unnecessary bottlenecks,” Onyeka said.

The system integrates valuation, cargo monitoring, and port operations under one digital interface, ensuring faster processing and enhanced compliance.

Onyeka stressed that the N16.4bn figure reflects more than just revenue. “It highlights the game-changing role of the B’Odogwu system in modernising port operations and the benefits of collaboration with stakeholders,” he added.

Also read: Customs Launches Reputation Guide to Boost Professional Standards

He further assured that the Tincan Island Port Command remains committed to trade facilitation, securing revenue for national development, and ensuring a seamless, business-friendly cargo clearance process.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

22 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.