The Senate has agreed to give the Nigeria Customs Service (NCS) a budget of N5.079 trillion for the year 2024.
This decision came after the Senate reviewed and accepted the recommendations put forth by the Committee on Customs, Excise, and Tariffs during their meeting.
The Chairman of the Committee, Sen. Jibrin Isah (APC-Kogi), presented the report. He mentioned that out of the total budget, N706.43 billion was allocated for capital expenditure in the 2024 financial year.
Sen. Isah further explained that N225.99 billion of the budget would cover personnel costs, which is about 32% of the total budget.
Additionally, N111.76 billion was set aside for overhead costs, making up about 16% of the budget.
He noted that N148.42 billion was allocated for ongoing capital projects, while N220.26 billion was earmarked for new projects, accounting for 52% of the budget.
The Committee Chairman emphasized the importance of timely implementation of the 2024 fiscal policy measures to enable the NCS to carry out its duties effectively.
He mentioned the National Single Window project, which aims to streamline processes, standardize procedures, and increase revenue generation.
The NCS also plans to establish flexible windows for addressing illegally imported vehicles to ensure the collection of import duties and penalty charges.
Sen. Isah highlighted various strategies the NCS intends to employ to increase revenue, including intensive revenue recovery efforts, system audits, real-time auditing, and post-clearance auditing.
He also mentioned the revised penalties and charges outlined in the new Nigeria Customs Service Act of 2023, which are expected to boost revenue generation.
Furthermore, the NCS plans to collaborate with relevant government agencies, such as the Shippers Council, to track cargo movements effectively.
They aim to address port congestion to enhance operational efficiency and revenue generation.
The NCS will also intensify its anti-smuggling campaign to minimize revenue leakage and economic sabotage.
the Senate has approved a substantial budget for the Nigeria Customs Service in 2024, with a focus on enhancing revenue generation through various strategic initiatives and collaborations with other government agencies.
