House C’ttee, NCS proposes N6trn revenue in 2024
By Tom Okpe
The House of Representatives Committee on Appropriation and the Nigeria Customs Service, (NCS) have resolved 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 year, 2024.
Chairman of the Committee, Rep Abubakar Bichi, pleaded with the Comptroller General of NCS, Adewale Adeniyi, to think of increasing the targeted N5 trillion when he appeared before it in Abuja on Monday.
Bichi said: “Is there possibility to increase your revenue; We will be glad if you can make it N6 trillion for the 2024 revenue,” the Chairman noted.
He said the ‘Renewed Hope Agenda’ of President Bola Ahmed 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.
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Responding, the CGC said: “I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024, is possible.
“If the Federal Government is able to review the issue around concession grants in 2024, the NCS might be able to realize the N6 trillion in revenue.
“The new law will also help us, facilitate a number of issues that will make revenue generation possible.”
He frowns at issues 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 stated that many goods at the ports were yet to be cleared, pointing that, “when the NCS looked into its system, a number of bills were not opened.
“When an internal audit was conducted, it showed that the NCS realized over N11 billion from that exercise, and there are still more goods, yet to be cleared.
“The Customs had revenue sitting in some of the goods, yet to be cleared,” he added.
Speaking on the import duty exception, Adeniyi said it is usually a Presidential power that the Minister of Finance is in charge.
“In 2023, the service lost N1.8 trillion to the Import Duty Exception Certificate, (IDEC) while in 2023, the Service accounted for 18 percent of the total revenue.”
