Customs Hikes 2024 Revenue Target by 20% to N6trn

December 12, 2023
e-Customs Project

By Adedapo Adesanya

The Nigeria Customs Service (NCS) has increased its revenue generation target for 2024 fiscal year by 20 per cent to N6 trillion after the House of Representatives suggested the increase.

The NCS Comptroller-General, Mr Adewale Adeniyi, stated this at the 2024 budget defense before the House of Representatives Committee on Appropriation on Monday in Abuja.

The agency had earlier intended to generate N5 trillion in the year under review, but after the lawmakers said the organisation could do more, Mr Adeniyi said, “I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible.”

However, he emphasised that this target could be achieved only if the federal government reduced concession grants in 2024.

‘’The new law will also help us to facilitate a number of issues that will make revenue generation possible,’’ he said.

He frowned at frequent import waivers by the government, saying that it was one of the factors that had impeded revenue generation for the NCS.

‘’If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable,” he said.

He said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bill laden were not opened.

He said when an internal audit was conducted, it showed that the NCS realised over N11 billion from that exercise, adding that there were still lots of goods yet to be cleared.

Speaking on import duty exception, Mr Adeniyi said it was usually a presidential order given through the Minister of Finance.

He made the move as he responded to Mr Abubakar Bitchi, the Chairman of the Committee, who tasked him towards boosting its target.

He also commended Mr Adeniyi for his efforts to generate more revenue for the government.

“Is there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,’’ he said.

Mr Bitchi said the much needed revenue by the President Bola Tinubu-led government would not be achieved unless the revenue generating agencies increased their targeted revenue.

He said the 2024 appropriation bill was laudable, adding that it would only materialise if there was enough money to meet the N27.5 trillion budget.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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