Comptroller General of the Nigeria Customs Service, Hameed Ali, on Thursday, said the World Trade Organisation (WTO) treaty and the African Continental Free Trade Area (AfCFTA) agreement recently signed by Nigeria will adversely affect the country’s revenue generation drive in the coming years.
Mr. Ali made the remarks during the continuation of an interactive session organized by the Senate joint committees in finance and national planning on the 2021-2023 MTEF/FSP.
He stressed that the two agreements will allow goods to come into Nigeria at zero tariffs.
However, he said despite this situation, the Customs Service has generated N837 billion as of July.
He added that the Service is projecting total revenue of N1.465 trillion for 2021, N1.704 trillion for 2022, and N1.758 trillion for 2023.
During the Senate session, the Comptroller General also said he is not in support of a policy arrangement which makes it possible for Coca-Cola to continue to produce in Nigeria without paying anything to the Nigerian government.
Reacting, Senate President, Ahmed Lawan said the agreement with Coca Cola is a misnomer as Coca Cola is an international brand and a dominant player in the beverage industry.