The Managing Director of Coleman Wires and Cables, George Onafowokan, has faulted the revenue-generating status of the Nigeria Customs Service, noting that it is only in Nigeria that the Customs has been turned into an Internally Generated Revenue (IGR) body.

The businessman who spoke as one of the guests at Channels Television’s Independence Day special event tagged, “Nigeria’s Challenging Economy: Strategies for Recovery”, said that it is an error.

“I still do not understand how Customs has become a Bureau de Change. I don’t think the philosophy of any Customs anywhere in the world on fiscal policy is to balance, it is not the monetary policy IGR-driven Customs,” Onafowokan said.

 “It is only in Nigeria that our Customs is IGR-based and that is a big mistake, big error and until the day we realise that Customs is for fiscal balancing which is why Customs is under the Ministry of Finance not under the CBN.

“It’s done on purpose so that the Ministry of Finance can carry its fiscal policy role through them where necessary and that is how it is supposed to be but now we are turning them into IGR-based and it is affecting the manufacturers.”

Onafowakan lamented inconsistencies in the government’s policies, saying that any time that happens it slows down manufacturing and productivity.

He said that the economy will continue to suffer if the government keeps switching policies that are detrimental to manufacturers and small and medium enterprises.