Friday, June 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

FG Announces Nigerian Customs Service Automation Reversal

by e-Naira Online News
June 3, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


The Federal Government has announced that the $3.1 billion contracts for the ‘full’ automation of the Nigerian Customs Service, which the Federal Executive Council approved in 2020, have been cancelled.

It claimed this was due to conflicts among the consortium’s members.

The conflicts, it added, defied intervention by the Federal Government—through the office of the Attorney-General of the Federation.

The 36-month e-customs project was approved by the Council in September 2020 and granted to Messrs E. Customs HC Project Limited.

Addressing State House correspondents shortly after the FEC meeting where the project was approved, the Minister of Finance and Budget Planning, Dr Zainab Ahmed, said, “The main objective of this project is to completely automate every aspect of the customs business and to institutionalize the use of smart and emerging technologies that will enhance the statutory function of the Nigerian Customs Service in the areas of revenue generation as well as trade facilitation and enhancement of security.”

According to Ahmed, the project’s sponsors will in return look over the investment in the concessionary period of 20 years.

She added that “This investment of $3.1bn is broken down into capital investment of $1.2m which will be done in three phases over 36 months by these investors and $1.1m is our projection of the operational cost over the 20 years of the implementation of this project.

“This project has the potential to yield up to $176bn of revenue for the project and the consortia that are providing this investment are going to be paid over time according to the schedule that is negotiated for their investments including their profits and cost.”

Related





Source link

Tags: announcesautomationCustomsNigerianReversalService
Previous Post

FirstBank rebounds, repositioned to reclaim its first position –

Next Post

Nigeria’s foreign trade rises to N13 trillion in Q1 2022

Related Posts

NNPCL chief, Kyari, claims fuel subsidy ‘vanished’ in Nigeria February
Business

NNPCL chief, Kyari, claims fuel subsidy ‘vanished’ in Nigeria February

by e-Naira Online News
June 1, 2023
Exploring the Nigerian business landscape: opportunities and challenges
Business

Exploring the Nigerian business landscape: opportunities and challenges

by e-Naira Online News
June 1, 2023
Nigeria’s Tax-To-GDP Ratio Is Now 10.86%
Business

Nigeria’s Tax-To-GDP Ratio Is Now 10.86%

by e-Naira Online News
June 1, 2023
Monitoring Board completes revisions to its Charter and MoU with the IFRS Foundation
Business

Monitoring Board completes revisions to its Charter and MoU with the IFRS Foundation

by e-Naira Online News
June 1, 2023
NLC expresses outrage over petrol price increase, threatens to withdraw from negotiations with FG
Business

NLC expresses outrage over petrol price increase, threatens to withdraw from negotiations with FG

by e-Naira Online News
May 31, 2023
Next Post
Nigeria’s foreign trade rises to N13 trillion in Q1 2022

Nigeria’s foreign trade rises to N13 trillion in Q1 2022

Venture capital crypto investments decline by 38% in May 2022

Venture capital crypto investments decline by 38% in May 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

May 30, 2023
Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

May 31, 2023
Lagos plans industrial hub in Ikorodu community

Lagos plans industrial hub in Ikorodu community

June 2, 2023
Domestic Market Extends Rally By 0.07% As Investors Mop Up Oil Stocks

Domestic Market Extends Rally By 0.07% As Investors Mop Up Oil Stocks

June 1, 2023
NNPCL chief, Kyari, claims fuel subsidy ‘vanished’ in Nigeria February

NNPCL chief, Kyari, claims fuel subsidy ‘vanished’ in Nigeria February

June 1, 2023
Capital Market Ready To Spur Investment In Infrastructure—Yuguda

Capital Market Ready To Spur Investment In Infrastructure—Yuguda

June 1, 2023
BREAKING: CBN Denies Devaluing Naira

BREAKING: CBN Denies Devaluing Naira

June 1, 2023
Exploring the Nigerian business landscape: opportunities and challenges

Exploring the Nigerian business landscape: opportunities and challenges

June 1, 2023
Tinubu meets Kalu, Abbas in Aso Rock Villa⁣⁣

Tinubu meets Kalu, Abbas in Aso Rock Villa⁣⁣

June 1, 2023
CONOIL Plc leads NGX’s positive start to June

CONOIL Plc leads NGX’s positive start to June

June 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.