The Nigeria Customs Service has announced the enforcement of a 3 percent penalty interest on Nigerian banks that fail to remit collected revenues on time. The move is aimed at strengthening financial discipline and ensuring government funds are promptly paid into official accounts.

According to Customs, delayed remittances by banks have affected revenue flow to the federal government. Officials said the penalty is in line with existing financial regulations and will apply to all defaulting banks without exception.

The Service explained that timely remittance is critical for budget planning and national development. By enforcing the penalty, Customs hopes to discourage delays and improve transparency in revenue handling across the banking system.

Customs also warned banks to put stronger internal controls in place to avoid sanctions. It added that compliance will be closely monitored, stressing that the policy is not meant to punish but to promote accountability and efficiency.