House of Representatives Committee on Appropriation and the Nigeria Customs Service (NCS), on Monday, agreed to increase the 2024 revenue target of the service to N6 trillion.
This is against the initial N5 trillion proposed by the NCS as its targeted revenue for the coming financial year
The resolution was made when Comptroller General of NCS, Mr Adewale Adeniyi appeared before the Committee in Abuja on the 2024 Appropriation Bill
The Chairman of the committee, Rep. Abubakar Bitchi had pleaded with the Comptroller General of NCS, Mr. Adewale Adeniyi, to think of increasing the targeted N5 trillion
According to the Chairman, “Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for the 2024 revenue”.
Rep Bitchi pointed out that the renewed hope agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increased their targeted revenue.
He said the 2024 appropriation bill as presented by the president was laudable, adding that it would only materialize if there was enough money to meet the N27.5 trillion proposal.
Responding, the CG said, “I share the optimism of increasing the revenue to N6 trillion in 2024. So N6 trillion in revenue in 2024 is possible.
He, however, said if the Federal Government was able to review the issue around concession grants in 2024, the NCS might be able to realize the N6 trillion in revenue.
According to him, the new law will also help us to facilitate a number of issues that will make revenue generation possible.
He frowned at the issue around waivers, adding that “it is one of those areas where this kind of revenue for 2024 is achievable.”
“If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable,” he said.
He explained further that many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bills were not opened.
He said that when an internal audit was conducted, it showed that the NCS realized over N11 billion from that exercise, adding that there were still a lot of goods yet to be cleared.
He said the customs had revenue sitting in some of the goods yet to be cleared.
Speaking on the import duty exception, Adeniyi said it is usually a presidential power that the minister of finance is in charge of.
He said in 2023, the service lost N1.8 trillion to the Import Duty Exception Certificate (IDEC), adding that in 2023, excise accounted for 18 percent of total revenue.
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