Modupe Gbadeyanka
By Modupe Gbadeyanka
The Nigeria Customs Service (NCS) has been given a revenue target of N3.019 trillion by the Senate for the year 2022 as it approved the N369.04 billion budget for the agency in the year under review.
The target was set by the upper chamber of the National Assembly on Wednesday after the consideration of a report by the Committee on Customs, Excise and Tariffs headed by Mr Francis Alimikhena.
According to the lawmaker, out of the N3.019 trillion revenue target, the NCS is expected to rake in N1,693,157,559,312.00 from import duty; N161,695,617,629.00 from excise duty, with N3,717,140,635.00 from fees and penalties to be remitted to the federation account.
He said levies accruing to the federation account include CET Levy of N70,178,545,176.00; wheat flour levy of N837,418,335.00; wheat grain levy of N87,450,026,612.00; 100 per cent rice levy of N15,070,518.00; and 100 per cent cigarette levy of N1,888,165,554.00.
Revenue accruing to the non-federation account are 7 per cent surcharge of N76,175,498,801.00; 5 per cent sugar levy of N12,919,481,337.00; one per cent CISS of N100,202,094,260.00; 0.5 per cent ETLS of N52,411,346,601.00; 10 per cent iron/steel levy of N1,038,736,773.00; cement levy of N1,108,340,373.00; NESS of N2,797,028,658.00; 35 per cent automotive levy of N6,576,520,172.00; and import VAT of N746,964,607,563.00.
As for the budget for the customs in 2022, Mr Alimikhena said out of the total expenditure of N369.04 billion, N108.85 billion is for personnel costs; N45.89 billion for overhead costs; and N214.30 billion for capital costs.
Giving a highlight of the NCS budget, he explained that the service in 2022 would implement the e-customs project to include the automation of customs agency licenses and Vehicle Identification Numbers (VIN).
He stated that the NCS in collaboration with relevant government agencies would pursue improved internally generated revenue by implementing the 2021 Finance Act.
According to the lawmaker, the excise duty of 6 per cent on telecommunication services and N10 per litre on carbonated drinks is expected to commence fully within the 2022 fiscal year.
