The House of Representatives Committee on Appropriation has requested the Nigeria Customs Service (NCS) to strive for an increased revenue target of N6 trillion for the year 2024.
The committee’s chairman, Rep. Abubakar Bichi, encouraged the Comptroller General of NCS, Adewale Adeniyi, to consider raising the initial target from N5 trillion during a meeting in Abuja on Monday.
Bichi emphasized the importance of boosting revenue for the realization of President Bola Tinubu’s renewed hope agenda.
He asserted that achieving the proposed N27.5 trillion appropriation bill for 2024 would depend on the sufficient funds available.
Responding to the committee’s request, the CG expressed optimism about reaching the N6 trillion revenue goal for 2024.
He suggested that the realization of this target could be facilitated by the Federal Government’s review of concession grants in that year, indicating that such changes in the law could contribute to enhanced revenue generation.
Adeniyi expressed concern about issues surrounding waivers, stating that addressing this matter could significantly contribute to achieving the N6 trillion revenue target for 2024.
He highlighted that a comprehensive internal audit revealed that the NCS had already realized over N11 billion from goods yet to be cleared at the ports.
Discussing import duty exceptions, Adeniyi explained that this falls under presidential authority, typically overseen by the minister of finance.
He disclosed that in 2023, the service incurred a loss of N1.8 trillion due to the Import Duty Exception Certificate (IDEC). Additionally, he noted that excise accounted for 18 percent of the total revenue in the same year.
The CG pointed out that a substantial number of goods at the ports were still awaiting clearance, and internal audits had uncovered additional revenue potential.
Adeniyi highlighted the importance of addressing issues around concessions, waivers, and outstanding bills to enhance revenue collection for the Nigeria Customs Service in the year 2024.
