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  • Business - Economy
  • Updated: January 24, 2022

ANLCA Warns FG Against Taking A $3.1 Billion Loan To Modernise Customs

The Association of Nigerian Licensed Customs Agents (ANLCA) has pleaded with the federal government to avoid taking the $3.1 billion loan aimed at modernizing the Nigeria Customs Service.

Concerned over the growing state of the country’s national debt profile which stands at over $92.63 billion or NGN1 trillion, the association, which represents all licensed customs agents, ANLCA used the opportunity of its National Executive Council (NEC) meeting to advise the government over this proposed loan for the modernization project of the Nigeria Customs Service.

ANLCA President, Tony Iju Nwabunike, speaking on behalf of the organization, advised that the document for the project needs to be looked at thoroughly by key stakeholders, taking into cognizance the cost-benefit analysis of the project before any endorsement. 

He believes that the 20-year project could be another venture quite capable of escalating the already worsening debt profile of the country.

He advised the government to look inwards to find ways to fund its modernization project for the Nigerian Customs Service.

"We want to advise the Federal Government to be careful before signing into law the $3.1 billion customs modernization project, which we heard will run for 20 years."

"We urge President Muhammadu Buhari and the Finance Minister to avoid assenting to the deal."

"Nigeria is already in serious debt and customs, being a strategic non-oil revenue earner for the government, shouldn’t be tied to another long-term repayment for two decades. That would amount to "double jeopardy."

"We call on the National Assembly to ensure the Federal Ministry of Finance, Nigeria Customs Service, and all parties involved observe due diligence so the project won’t trap the country in another long debt repayment for 20 years and maybe for a lesser value."

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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