Q1: KLT Customs Generates N10.5bn Revenue, Raises N68.5m Demand Notice
The Kirikiri Lighter Terminal Command (KLTC) of the Nigeria Customs Service said it has collected N10,572,518,271 revenue from importation of goods in the first quarter of 2023.
The amount represents 76.87 per cent of its expected revenue for the quarter, with an anticipated revenue target of N55 billion for the year.
The Customs Area Controller (CAC), Comptroller Timi Bomodi said that the Command has taken steps to invigorate its revenue drive by encouraging shipping companies and other critical stakeholders who had overlooked it as a strategic destination of choice for incoming and outgoing cargoes.
The CAC, while acknowledging the impact of monetary policy changes and the effect of exchange rates on business, said that the overall effect has been a downturn in import volume, hence the Command’s performance.
He however, stated that all hands are on deck to safeguard and protect all revenue accruable from import and export trade. To this effect, the Command raised Demand Notices to the tune of N68.5m to shore up the shortfall in revenue.
While Commenting on exportation, Bomodi said that prior to this period, KLTC was used as a transit hub for exports, but noted that since the establishment of an export processing terminal, all export procedures have since commenced in the Command with an anticipated uptick in export volume.
The first quarter of 2023 also saw the establishment of a clinic for the Command which was commissioned by the ACG Zone ‘A’ on behalf of the CGC. This, he said, has significantly contributed to the well-being of Officers as all health-related challenges are given prompt attention before they are referred to other facilities.
According to the CAC, the Command has a strategic advantage over other ports in Lagos due to its unique location, which allows for immediate entry and exit, unlike other ports where there is an average waiting time of seven days.
He explained further: “Its major impediment is the draft which restricts the direct berth of sea-going vessels. This challenge has recently been overcome with the introduction of ocean-going lighter barges with the capacity of moving over 200 TEU’s.
“Given its location the command allows for the easy evacuation of exports and empty containers, a challenge most shipping companies and terminals have difficulties overcoming. KLTC has an installed capacity of handling about 6,000 TEIJ I s but presently it is functioning at less than 10% of its installed capacity and there is a lot of room for growth”.
Compt. Bomodi pointed out that with the commissioning of a few new terminals and the promise of increased cargo allocation, the Command is hopeful of a positive turnaround in activities both for imports and exports, noting that as trade volume increases, so will the revenue profile.