• Wed. Apr 24th, 2024

Senate Greenlights Nigeria Customs Service’s N5.09 Trillion Revenue Target, N706.4 Billion Budget For 2024

Nigeria’s Senate has granted approval for the Nigeria Customs Service (NCS) to pursue a revenue target of N5.079 trillion and a budget of N706.4 billion for the fiscal year 2024. The endorsement came after the Committee Chairman on Customs, Excise, and Tariff, Jibrin Isah (APC-Kogi), presented a comprehensive report during the plenary session on Thursday.

Chairman Isah outlined the budget components, revealing personnel costs at N225.99 billion and overhead costs at N111.76 billion, making up 31.99 and 15.82 percent of the total budget, respectively. Additionally, ongoing capital projects accounted for N148.42 billion, while new projects, representing 52.19 percent, were allocated N220.26 billion.

The Chairman emphasized the importance of timely implementation of the 2024 fiscal policy for the Nigeria Customs Service. He highlighted strategic measures, including the provision of a flexible window to curb the illegal importation of vehicles and ensure the proper collection of import duties and penalties. Mechanisms such as system audits, real-time auditing, post-clearance auditing, and the institution of a revenue recovery committee were outlined to enhance revenue recovery efforts.

“The revised penalties and charges in the new Nigeria Customs Service Act, 2023, will play a significant role in improving the service’s overall revenue generation,” stated Chairman Isah.

Addressing anti-smuggling and cargo tracking, the committee chairman expressed the NCS’s intention to collaborate with the Shippers Council and other relevant government agencies to decongest ports and enhance operational efficiency. This collaborative effort aims to yield more revenue for the Nigeria Customs Service.

Chairman Isah concluded, “Utilizing all required operational guides within the confines of Customs law, we are committed to minimizing illicit trade that poses a risk for revenue leakages and economic sabotage.”

The approval by the Senate signals the green light for the Nigeria Customs Service to proceed with its financial objectives for 2024, aligning with strategic measures to enhance revenue collection and enforcement of regulations.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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