Following the recent fiscal policy review of removing textile fabrics from import prohibition, the Nigeria Customs Service may earn its first N10 billion from smuggled textile materials intercepted in Kano recently.
Last month, 75 warehouses of assorted textile materials operated by foreign nationals using a handful of Nigerians as their guarantors were sealed up in Kano by Customs anti-smuggling operatives, following months of undercover operations and activation of local and international intelligence networks.
After assessment of the textile materials including 20,878 bales of printed African fabrics, 21,980 bales of high grade brocade materials, 6,127 bales of Lace materials, 554 bales of polyester materials and 30 rolls of curtail materials the Nigeria Customs Service (NCS) on Monday said it is expecting to rake in N10 billion as Customs duty and other charges payable on the items.
The assessment also showed that the goods are liable to the following additional charges: N26,569,253.73 for seven percent surcharge; N14,243,212.64 for one percent CISS levy; N6,767,022.49 for 0.5 percent ETLS levy; N59,154,231.65 for Textile levy; and N95,527,905.15 for Value Added Tax (VAT).
Total revenue payable on the first set of assessment stood at N576,161,369.17.
Another set of assessment worth over N600 million is pending on the outstanding textiles in the same warehouse.