The Nigeria Customs Service (NCS) has announced tougher measures against designated banks that delay the remittance of government revenue, introducing a penalty interest regime to enforce compliance.
Under the new directive, any bank that fails to remit Customs revenue within the agreed timeframe will be charged penalty interest calculated at three percent above the prevailing Nigerian Interbank Offered Rate (NIBOR) for the duration of the delay.
The policy was disclosed on Wednesday by the NCS spokesperson, Abdullahi Maiwada, who said the move aligns with the Service Level Agreement (SLA) signed between the Customs Service and designated banks.
According to the NCS, strict adherence to remittance timelines is mandatory, and affected banks will receive formal notices detailing outstanding sums, accrued penalties, and deadlines for settlement.
The Service further warned that repeated or persistent violations of the SLA could attract stiffer sanctions, including regulatory and administrative actions as provided by law. It also cautioned that the payment of collected Customs revenue into unauthorized accounts—whether deliberate or accidental—will be treated as a serious breach.
Reaffirming its commitment to transparency and accountability, the NCS urged all designated banks to strengthen internal controls, ensure prompt remittance of funds, and comply fully with the terms of the agreement.
“Any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three percent above the prevailing NIBOR,” the statement read.
The development comes amid concerns over government revenue performance, following recent disclosures by the Minister of Finance that the Federal Government is likely to miss its 2025 revenue target.