KLT Command Rakes in N10.572bn in Q1
Kirikiri Lighter Terminal (KLT) command of the Nigeria Customs Service says it generated the sum of NI0.572 billion in revenue between January and March 2023, which represents 76.87 per cent of its expected revenue for the first quarter.
This is even as the command decried impact of monetary policy changes and the effect of exchange rates on business, the overall effect has been a downturn in import volume, hence the command’s performance.
In a statement signed the command Public Relations Officer, SC Tunde Ayagbalo on behalf of the Customs Area Controller (CAC), Comptroller Timi Bomodi said that the command also recorded the recovery of receipts amounting to N68.5 million from issuance of debit notes on questionable cargo documentations.
However, he hinted that the scorecard of the command for the first quarter is still below the expected optimal performance, citing various economic and fiscal dynamics as factors responsible for the present downturn.
“While we acknowledge the impact of monetary policy changes and the effect of exchange rates on business, the overall effect has been a downturn in import volume, hence the command’s performance.
“However, all hands are on deck to safeguard and protect all revenue accruable from import and export trade, to this effect Demand Notices to the tune of N68.5 million has been raised to shore up the shortfall in revenue,” he said.
The CAC said since the command began operation as an export processing terminal, there is an expected upswing in the volume of exports through KLT.
Banks begin adjustment of interest rates
“Prior to this period, KLTC was used as a transit hub for exports. However, since the establishment of an export processing terminal, all export procedures have since commenced in the Command with an anticipated uptick in export volume,” he added.
He explained that with the establishment of a clinic for the Command earlier in the year and which was commissioned by the ACG Zone ‘A’ on behalf of the CGC, the well-being of officers have been significantly impacted, as all health-related challenges are given prompt attention before they are referred to other facilities.
According to him, the command is coming out of some of the challenges it has faced for awhile, including operational and environmental challenges; and notes that the command has a much brighter prospects.
“Kirikiri Lighter Terminal Command has a strategic advantage over other ports in Lagos, its unique location allows for immediate entry and exit, unlike other ports where there is an average waiting time of seven days.
“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.
“KLTC has an installed capacity of handling about 6,000 TEIU’ s but presently it is functioning at less than 10 per cent of its installed capacity and there is a lot of room for growth.
With the commissioning of a few new terminals and the promise of increased cargo allocation, we are hopeful of a positive turnaround in activities both for imports and exports as we believe that as trade volume increases, so will the revenue profile,” he stated.
Given its location, he said the command allows for the easy evacuation of exports and empty containers, a challenge most shipping companies and terminals have difficulties overcoming.
The Command is saddled with the responsibility of trade facilitation, revenue generation and the enforcement of fiscal policy with an anticipated revenue target of N55 billion for the current year (2023).
