NCS Targets N6trn Revenue For 2024

The Nigeria Customs Service (NCS) says it plans to generate N6 trillion for the Federal Government in 2024.

The Comptroller General of Customs, Bashir Adewale Adeniyi MFR stated this at the 2024 budget defense with the House of Representatives Committee on Appropriation on yesterday in Abuja, saying the amount was higher than the N5 trillion originally projected in the budget.

“I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,’’Adeniyi said.

But he emphasized that the service would be able to generate the N6 trillion revenue 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.

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

‘’If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he went further to state that many of the goods at the ports were yet to be cleared, he added that when the NCS looked into its system, several bills of 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.

On import duty exemption, the customs boss said it was usually a presidential order given through the Minister of Finance.

Reacting, Abubakar Bitchi, the Chairman of the Committee, commended the customs boss for his efforts in generating more revenue for the government. He said “If there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024”.

The Chairman affirmed that the Renewed Hope Agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increased their targeted revenue.

While lauding the 2024 appropriation bill, the Committee chairman added that it would only materialise if there was enough money to meet the N27.5 trillion budget.

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